FedEx May Be Wile E. Coyote Moment For Economy, Markets
Wall Street will spend the final day of a somewhat tedious week fretting over FedEx,
Breaking Point
Markets moved closer to what felt like a breaking point Friday. FedEx’s bleak remarks on
Normal Is War
In just two years, everything changed. The pandemic, and then, a ground war in Europe,
Inflation Hope Spotted In Fed Surveys
Although it’ll invariably be lost in the shadow of the August CPI report, it’s worth
Headline Retail Sales Beat Belies ‘Concerning’ Core Measures
US retail sales rose in August, but a cursory look under the hood suggested slower
Meanwhile, In Japan…
On Thursday, markets were “treated” to another “Econ 101” lesson. While previewing this week’s slate
Railroaded
Early Thursday, Joe Biden expressed gratitude to rail workers for striking… an eleventh hour deal
Here’s ‘Who’ Sold During 2022’s Worst Stock Plunge
If you’re looking to assign blame for US stocks’ worst day of 2022, you can
‘Intentional Crash Landing’ May Be Fed’s Only Remaining Option
The odds of a “left-tail,” hard landing scenario for the US economy have “exploded higher.”
Take No Comfort In ‘Cooler’ US Producer Prices
Anyone looking for definitive signs of peak inflation in Wednesday’s US producer price data was
UK Inflation Nightmare Rolls On, But Truss Blunts Worst-Case
Inflation moderated in the UK last month. Not that it matters. It’s small comfort to
Economists, Celebrities And Reals
Notwithstanding a tough session in Asia, there was no sign of an out and out
When 50-50 Is 100
One, among many, critical dynamics that most market participants either don’t understand or don’t fully
Nomura Calls For 100 Basis Point Fed Hike Next Week
During a year that’ll be remembered by markets and enshrined in textbooks for the most
Inflation Shock Hands US Stocks Worst Day Of 2022
Risk assets weren’t enamored with another disconcerting US inflation report. US equities crumbled after data
Oh, Look: Another Disastrous US Inflation Report
Market participants and policymakers hoping for additional evidence of cooling inflation in the US were
$600 Billion Is ‘Super-Bearish,’ Record Underweight Stocks
Sentiment among fund managers is “super-bearish,” according to the September vintage of BofA’s closely watched
For America’s Small Businesses, ‘Better’ Is a Relative Term
US small business optimism remained below the five-decade average for an eighth consecutive month in
The Most Important Thing Zoltan Pozsar Told Bloomberg
Over the past several days, I’ve fielded a number of reader emails about a discussion,
Americans’ Inflation Expectations Just Collapsed
When it comes to inflation, expectations matter. A lot. We’ve all been led to believe
Wall Street’s Favorite Bear Plays The Hits. And One Miss
Stocks are innocent until proven guilty. Not in the court of Morgan Stanley’s Mike Wilson,
‘Extremely Mechanical’
If you’re wondering about the scope of mechanical flows which aided and abetted last week’s
On Eggshells
Risk sentiment was tentatively constructive to start the new week, and there was no mystery
Currencies In Crisis
Market participants should expect significant additional hand-wringing in the new week about the outlook for
Fed, Markets Fly Blind As Inflation Storm Seen Easing
It’s inflation week in the US. Actually, every week is inflation week in the US,
Breaking The Bank
In “One Trade To Rule Them All,” I characterized the yen’s worst year on record
A Real Issue
The summer rally in US equities was frustrating for some fundamental strategists. It didn’t align
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