Ghost Of Christmas Past
This time four years ago, Donald Trump was busy berating Jerome Powell’s golf game on
Hot Data And Tepper’s ‘Short’ Call
“Stocks slump as bearish Tepper amplifies hot data,” one Thursday headline said. I suppose this
Surprise US GDP Revisions Blindside Policy Doves
There was more good news of the bad variety out of the US economy on
In Shanghai: ‘We Will Infect The Whole Family!’
I often hesitate to make claims about what is or isn’t going on in Mainland
Not Charity
A Ukrainian battle flag signed by soldiers fighting in Bakhmut was hoisted by Nancy Pelosi
Denouement
“These limited edition cards feature amazing ART of my Life & Career!” Donald Trump exclaimed
US Housing Market ‘Frozen’ As Sales Plunge
Another day, another very poor read on the US housing market. Sales of previously-owned homes
‘Sunshine’
The US consumer is feeling better about the prospects for the economy. Or so said
Guest Of Honor
Volodymyr Zelensky was in Washington on Wednesday. Dmitri Medvedev was in Beijing. 10 months on
No Recession Could Be Bad News For Stocks, Bonds In 2023
One big risk in 2023 is that a hard landing doesn’t happen. That’s counterintuitive and
After The Fall: How To Regulate Crypto After $2 Trillion Collapse
It’s been a bad year for crypto, to borrow Sam Bankman-Fried‘s deliberately understated description of
Why Is The VIX So Low?
At regular intervals this year, sophisticated market participants have gone to extraordinary lengths to explain
Plunging Permits, Falling Demand Add To US Housing Gloom
US housing starts fell less than expected last month, data out Tuesday showed, but that
Markets Ponder The Unthinkable After BoJ Shock
“Symbolically, this is an important step,” SocGen’s Kit Juckes wrote Tuesday. He was referring to
Surprise! Bank Of Japan Stuns Markets With Policy Tweak
The Bank of Japan finally blinked. At its last meeting of the year, the lone
Vox Populi
Much as I’d like to, I can’t ignore the elephant in the room on Monday.
A ‘Gross Misinterpretation’ Of Milton Friedman
Over and over again in 2022, economists, analysts, policymakers and market observers engaged in the
Read Elizabeth Warren’s Letter To Tesla’s Board
On Monday morning, while documenting the latest and most dramatic twist in the ongoing soap
US Housing Bubble Enters 2023 In Suspended Animation
Nine months ago, if you wanted to buy a nice property in the US, you
Heroes Of The Last War
Effectively, last week was the final week of 2022 from the market’s perspective. The US
Harley Bassman’s Top Trades For 2023
I’ve offered the snark that “life is transitory,” which, while true, isn’t helpful. A cohort
Addiction Liability And The Roaring Twenties
For the better part of a dozen years after the financial crisis, central banks were
Sociology, But With Money
Stop the presses: Larry Summers has something constructive to say about inflation in the US
For Main Street, A Deeply Depressing, Wholly Pyrrhic Victory
Main Street scored a rare “win” over Wall Street in 2022. I’m not sure that’s
Mechanics Of The Post-FOMC Bear
The post-FOMC trade (which I typically define as the day of the decision and the
US PMIs Are Clear: Inflation Is Abating And The Cost Is Recession
Business activity in the US contracted meaningfully in early December, data out Friday suggested. Flash
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