Grey Skies
“It’s not so much a Black Friday as a grey one,” SocGen’s Kit Juckes wrote,
(Mis)informed By ‘Corporate Views’
“Way” back in August, following a better-than-feared Q2 reporting season for corporate America, it was
China In Dire Straits
Just two days after China’s cabinet tipped the “timely and appropriate” use of monetary stimulus
No Profit Pollyannas Allowed
At this point, I’m not sure anyone is as optimistic about the outlook for US
Gamma Flip Suggests Stock Serenity. For Now
Things have calmed down. For now. In a year defined by uncertainty and cross-asset turmoil,
Meanwhile, In Turkey…
He did it. Recep Tayyip Erdogan succeeded in bringing rates in Turkey back down into
Bankman-Fried: FTX Collapse Is ‘Sh—y Thing’ That ‘Sucks’
Below, find the letter Sam Bankman-Fried sent to FTX employees this week. Typically, I’d indulge
Lags And Stepdowns
The word “lags” came up nine times in the November FOMC minutes, released into a
Saying One Thing, Doing Another
“Along with the ongoing impact of inflation, attitudes have also been weighed down by rising
Americans Keep Mortgaging Their Lives Away
Incorrigible Americans, spurred on by some combination of rate buy-downs and FOMO, bought more brand
In China: ‘Fight, Fight!’
Maybe Xi Jinping decided to abandon “COVID zero” following last month’s Party congress. He’s going
Half Empty
Wednesday brought more disquieting economic data and more rate hikes, underscoring the tenuous nature of
Emperor Bankman-Fried Had No Clothes
“We have probably witnessed one of the most abrupt and difficult corporate collapses in the
The End Of Mega-Tech Exceptionalism?
Earlier this month, I asked if mega-cap US tech shares were “imposters” all along. It
Crypto: Everyone Was Just That Stupid
$2.1 trillion. That’s a rough approximation of the total value destruction across the cryptocurrency space
No More Free Money (The Year The Music Stopped)
Money is no longer free. That simple fact, perhaps more than anything else, explains the
Kolanovic Sees Risk Assets Under Pressure ‘Until Fed Cuts Rates’
If you’re waiting on a sustained rebound for risk assets (like stocks), you might be
Burn The Playbook
Congratulations. You’ve borne witness to macro history. I won’t trouble readers with the usual semantics.
‘The Bear Market Is Not Over’: Goldman
“The bear market is not over, in our view.” So said Goldman’s Peter Oppenheimer and
It’s All About The Dollar: McElligott
“It’s all a US dollar trade,” Nomura’s Charlie McElligott said Monday, while recapping the trio
‘You Can’t Go Anywhere’: China Reopening Meme ‘Lasted A Week’
I’m not sure about much these days, but 26,824 isn’t 0. Of that much, I’m
Who Are You, And What’ve You Done With The Fed?
Try as US policymakers might to disabuse traders of the notion that peak Fed funds
FTX Owes Lots Of (Actual, Real) Money To Lots Of People
FTX owes a lot of real money to a lot of people who, thanks to
Wampanoag Week
US investors will pause this week in solemn remembrance of the generosity bestowed upon early
Stagflation, Stochasticity, Simplicity
The consensus is that stagflation is the consensus. The awkward wording there is intentional. At
What Wall Street’s Favorite Bear Expects In 2023
Wall Street’s favorite bear has good news and bad news. Ok, it’s mostly bad news.
Why This Time Is Different
This time is different. Or, actually, this cycle is different. The first of those two
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