Contextless Void
It should be a very quiet week for US traders. The data docket is nearly
Zeitgeist 2023
A funny thing happened this week. Or you might call it a very unfunny thing
Quixotic Bears Tested In 2023 Stock Melt-Up
It’s easy to confuse forced capitulation with a loss of conviction. Think of Bill Ackman
Cheating Gravity With The ‘Magnificent 7’
Just how dominant is big US tech in 2023? Or, put differently, how magnificent are
Imminent Global Liquidity Drain Estimated At Up To $1.5 Trillion
It’s time for your weekly liquidity warning. Late last month, I walked back through a
Tide Suddenly Turns For US Stock Fund Flows
The flows story of 2023 is the massive influx of cash into… well, into cash.
‘FOMO’ Morphs Into ‘FOCUS’ Amid A.I. Frenzy
“This cross-asset price rally is about to become a ‘wealth effect’ problem for them again,”
US Jobs Report Is Goldilocks With Caveat
The US economy added a hefty 339,000 jobs in May, hotly-anticipated data released on Friday
Monopolies
Not surprisingly, money poured into tech-focused equity funds over the latest weekly reporting period, a
Déjà Vu: Money Market Assets, Fed Bank Backstop Usage Hit New Records
Do you ever have déjà vu, Mrs. Lancaster? Pick your favorite Phil Connors quote to
A.I. Came For Thousands Of Human Jobs Last Month
Lost in the proverbial shuffle Thursday: What might’ve been the first A.I. cameo in a
All Roads Lead To A.I.
If you’re biased against equity rallies built on hype, greed, mania and other manifestations of
US Manufacturing Malaise Continues, But Disinflation Is Silver Lining
The marquee gauge of US manufacturing activity spent a seventh month in contraction territory, data
Under-The-Radar Revisions Help Case For Fed Pause
The sleeper in Thursday’s US economic data releases was a downward revision to unit labor
US Private Sector Hiring Blows Past All Estimates
US private sector employers added 278,000 jobs in May, data released on Thursday showed. The
A Wary ECB Doubles Down Even As Inflation Recedes
Policymaker rhetoric damped enthusiasm around a sharp drop in European inflation on Thursday. “There is
Investors Cool On US Housing With Market At Crossroad
Investors are inclined to an increasingly grim view of the prospects for the US housing
Rallies And Epochs
It’s artificial! That’s the lament from equity market bears these days. If we’re being honest,
3 Takeaways From Deutsche Bank’s ‘Imminent Default Wave’ Call
“A default wave is imminent.” So said Deutsche Bank’s Jim Reid in the 2023 vintage
10.1 Million Reasons To Doubt A Soft Landing
In a disconcerting development for a desperate Fed, Wednesday’s update on job openings across the
Xi Tells National Security Team To ‘Get Prepared For Actual Combat’
It’s funny how a given day’s coverage comes together. First thing Wednesday morning, while editorializing
Insiders And Punch Bowl Minders
The A.I. frenzy belies caution beneath the surface in equities. Or so said Barclays analysts
China’s Rebound ‘Over’ Amid Dour Data, ‘Miserable’ Stocks
“The reopening trade is over,” Credit Agricole’s co-head of trading for AsiaPac said Wednesday. He
Running Toward Extinction
If you didn’t know better, you’d mistake it for satire: Industry leaders caution on extinction risk
Bond Basis Position To Be Larger Than 2018-2019: Goldman
Is the big bond short just the other side of a basis trade? Yes, probably.
US Home Prices Bottom Near Record Highs
US home prices have bottomed. At record highs. I’m just joking. But not entirely. Both
Desensitized Americans Ponder Stagflation In Confidence ‘Beat’
Late last week, I described Americans as a “gloomy” bunch. On Tuesday, The Conference Board
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