Forever Inflation?
I argued repeatedly last year that inflation might become stochastic in 2023 and beyond. Much
How Extreme Is 2023’s Bullish Sentiment Shift?
Notwithstanding tentative signs of exhaustion over the past two weeks, the story of 2023 in
The Mystery Of Oblivious Stocks
Recalcitrant stocks are “baffling” Wall Street, declared a Bloomberg headline. It was an accurate, if
Dollars, Deficits, Debt And Wars
If it’s deficit and debt doomsaying you’re after, I’m not your guy. Regular readers are
Are HELOCs Making The Fed’s Job Harder?
When you spend nearly two years minting scores of overnight millionaires, you shouldn’t be terribly
A ‘Pure Markets Guy’ Explains The Fed’s Inability To Tighten
I’ve spent quite a bit of time lately on the r-star discussion. It’s important, and
‘No Landing’ May Presage Stock Selloff, Late-Year Recession
The likely result of a “no landing” macro environment in the first half of 2023
The Fed Is Angry. And The Dollar Is Back
The Fed’s mission is “very much unaccomplished.” That’s according to BofA’s Michael Hartnett, but more
US Card Debt Hits New Record Near $1 Trillion
Americans were the proud owners of a record 564 million credit card accounts at the
‘No Landing’ Becomes Consensus
If you ask Loretta Mester, demand across the US economy isn’t weakening as much as
‘Expect More, Not Less Geopolitical Tension’
News out of Eastern Europe was predictably foreboding on Thursday. Kyiv says it’s being forced
Cash For Haters
If you “hate” stocks, you’ll love cash. Admittedly, this story feels a bit tired, but
Doves Singed By Blazing US Producer Prices
So, about that “pipeline disinflation” story. Markets were treated to yet another hot data release
Avenging Fallen Comrades
China’s foreign ministry isn’t sure the US possesses the “sincerity and capability to properly handle
Defiant Stocks ‘Taunt’ Fed By Ignoring Dramatic Rates Repricing
Over the past week, quite a bit of digital ink was spilled editorializing around the
The Market Is Becoming ‘More Vulnerable,’ One Bank Warns
Nobody would blame you for suggesting market sentiment outran the fundamentals during the opening weeks
Marko Kolanovic Warns Of ‘Volmageddon 2.0’ From 0DTE Option Craze
Since rising to the top of JPMorgan’s research ranks, Marko Kolanovic’s role has felt more
Macro Tension And 0DTE: Why Stocks Are ‘A Mess’
Equities are an “untradeable mess.” That’s apparent to anyone trying to trade them. The maddening
Animal Spirits Spotted In Homebuilder Sentiment
The animal spirits are stirring. Hot on the heels of data showing the biggest month-to-month
Americans Go On Biggest Shopping Spree Since ‘Stimmy’
US retail sales rose far more than expected last month, key data out Wednesday showed.
Russia Commits 97% Of Military To Ukraine As Fund Managers Worry
If you were wondering just how pot committed the Kremlin is to Vladimir Putin’s imperialist
UK Inflation Still Running Double-Digits, But Silver Linings Seen
The good news is, UK inflation ran at the slowest pace in four months in
What $850 Billion Said About The Rally, The Macro And The Fed
Two-thirds of the nearly 300 panelists who participated in a closely-watched survey of fund managers
Only You Can Prevent Wildfires
Markets appeared to come around Tuesday to what I’d describe as the “neutral” character of
China’s Middle East Pivot Is Hard To Ignore
Whenever the “petroyuan” comes up (which is quite often these days), I’m always keen to
What The US CPI Report Means For Fed Policy
Like every other monthly inflation update out of the world’s largest economy, Tuesday’s US CPI
Crucial US Inflation Report Could’ve Been Worse
US consumer prices rose in January by more than expected compared to the same month
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