‘Pandora’s Box Is Open’: Will The BoJ Shock Markets Again?
There was a time not so long ago — and by that I mean prior
Finish Medication!
Ahead of the pre-meeting quiet period, Fed officials have another week to push back on
Tail Tales
Humanity just suffered two left-tail events in succession. Pestilence came calling in 2020 and then,
War Games: Zoltan Pozsar And The Echo Chamber
“Looks like the CIA are avid readers of Zoltan Pozsar.” That’s a real quote from
Talking In Circles
A recession is coming. Maybe. That was one tentative message from America’s largest banks, where
Cautious Tone From BofA Feels Somewhat Ominous
It was all about net interest income for Bank of America’s Q4 results, and the
McElligott Warns Of ‘Inconvenient Truth’
Over the past several weeks, I’ve editorialized breathlessly about the potential perils ahead for corporate
Goldman Reveals Scope Of Losses In Unit Housing Apple Card
Headed into Q4 results due next week, Goldman investors were warily eying “Platform Solutions.” The
JPMorgan Results Marred By Misses. Buybacks To Resume
JPMorgan ended 2022 “in a position of strength,” Jamie Dimon said Friday. More importantly, the
Losing Our Religion
So far in 2023, US equities are up nearly 4%. At the same time, the
Done By March?
Barring some unexpected turn, the Fed will almost surely downshift to “regular” rate hike increments
Not There Yet
Those expecting a third consecutive downside surprise from consumer price growth in the US were
A ‘Lost Decade’ Brought Forward
Just prior to one of the most challenging years in history for multi-asset investors, Goldman
Bulls Hard To Spot After Soul-Crushing Year
There’s a lot of skepticism out there about US corporate profits. I realize this is
‘Be Careful What You Wish For,’ Mike Wilson Warns. Again.
“Be careful what you wish for,” Morgan Stanley’s Mike Wilson warned, “way” back in August.
McElligott Maps The Macro
Markets are forward looking and the near universal adoption of the The Great One’s famous
Is The Permafrost Finally Thawing In Japan?
Japan famously suffers from a number of economic maladies, some of which are generally seen
‘A Perfect Storm For Volatility’
“Our track record at understanding inflation is really, really bad.” That rather stark admission, from
Independence Day
If you read any overdramatized market wraps produced by mainstream financial media outlets headed into
Fear The 4th Quadrant: Kocic Says Markets At Critical Juncture
“The unwind of financial repression is qualitatively different from traditional recoveries,” Deutsche Bank’s Aleksandar Kocic
Spare A Thought For The Small Businesses
“Overall, small business owners are not optimistic about 2023,” Bill Dunkelberg sighed on Tuesday morning
Pozsar Prophecies Panned As ‘Austin Powers’-Style Parody
Rabobank’s Michael Every is having none of it. By “it,” I mean any variation on
JPMorgan ‘Skeptical’ Of Rally, Says Soft Landing ‘Unlikely’
“We are skeptical about a durable rally,” JPMorgan analysts led by Marko Kolanovic said Monday.
Zoltan Pozsar, Humble Plumber
“After all, I am just a ‘plumber,’ not a geostrategic expert.” So said Zoltan Pozsar,
Mike Wilson Worries Bears Aren’t Bearish Enough
Morgan Stanley’s Mike Wilson can scarcely remember a time when he’s had as much interaction
Markets Enjoy More Incrementally Good Inflation News
Although it’s only as good as this week’s CPI report and, after that, the first
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