Bank Lending Plunge, Deposit Flight Raise ‘Sudden Stop’ Concerns
As you might’ve heard, commercial bank deposits in the US fell a tenth week late
Soft Landing Comes Back Into View Despite Bank Drama
In the latest weekly+, I suggested that, for the first time this cycle, the incoming
US Revolving Credit Rises 23rd Month As Rates Hit 20%
Americans’ revolving credit balances rose the least in nearly two years in February, data released
Why ‘Fixing’ The RRP ‘Problem’ Isn’t Straightforward
Over the past several weeks, the RRP situation, and the discussion around “what to do”
Hike In May And Go Away?
For what it’s worth, which wasn’t much on a holiday Friday, the market reaction to
Solid Jobs Report Clears Fed For Another Hike
The US added slightly more jobs than expected in March, and the unemployment rate moved
Meanwhile, In Japan…
“Consumer prices aren’t going back to constantly falling below 2%,” Haruhiko Kuroda said Friday, speaking
Emergency Fed Borrowing Elevated, But ‘Stable’
Stress across the US banking system might’ve abated in recent weeks, but liquidity demand remains
Merciless Money Market Magnet Attracts Another $49 Billion
Almost $50 billion poured into money market funds in the week to April 5, data
Recession Stars ‘Already Aligned,’ JPMorgan Says
Don’t lose the plot. And, unfortunately, this plot dead ends in recession. That was one
Are Company Analysts Pessimistic Enough Yet?
For much of the last year, company analysts were derided (sometimes mercilessly, and by their
Jobless Claims Surge On Revisions. Tech Job Cuts Jump 38,487%
Initial US jobless claims printed well above estimates in figures released Thursday. Taken at face
The Profit Recession Is Finally Here (But Don’t Tell Anyone)
You wouldn’t necessarily know it from “Greedflation” banter and the perception that corporations are engaged
In New Zealand, A Moment Of Truth
With the caveat that I’ve never conducted any sort of systematic demographic analysis of my
Behind The Scenes Of Last Month’s Snapback Stock Rally
Market narration over the past month (and, really, over the past year) has revolved primarily
$5 Trillion Money Market ‘Bubble’ Spotlights Fed’s $2 Trillion RRP Garage
Last week, I suggested the Fed is attempting a difficult tightrope act with regard to
A Tale Of Two Services Surveys
The US services sector put on the brakes last month. Or sped up. It depends
‘The Beam Of Democracy’
Emmanuel Macron was in China Wednesday visiting Xi Jinping. Tsai Ing-wen was in Los Angeles
As Hiring Slows, US Jobs Concentrated In Small Firms, Services
US private sector employers added 145,000 jobs in March, ADP said Wednesday. That was well
‘Peak Pain’ From Fed Hikes Still ‘A Few Quarters’ Away, One Bank Says
“Peak pain” for the US economy from the most aggressive rate-hiking cycle in a generation
Arraignment Day
“Will you come speak to us?” a reporter called out, as Donald Trump left the
‘More NATO’: Finland Accession Is Own Goal For Kremlin
Part and parcel of Vladimir Putin’s efforts to spin his war of conquest in Ukraine
A ‘Shocked’ Albert Edwards Asks: ‘Is Capitalism Dead?’
SocGen’s Albert Edwards has seen a lot over four decades in finance. As such, he
Soft Landing Hope Floats In Multi-Sigma JOLTS Miss
At long last, US job openings printed a sizable downside surprise versus consensus. Openings as
McElligott On Where We Are As Q2 Gets Underway
It can be a challenge to crystallize, and otherwise make sense of, cross-asset price action
Jamie Dimon Delivers Annual World Review
Jamie Dimon and the modest bank he runs have a new corporate purpose. JPMorgan will
Kolanovic: Stock Rally ‘Makes Little Sense For Rational Investors’
JPMorgan’s Marko Kolanovic worries investors are exhibiting signs of irrationality. “For a rational investor, we
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