‘Manufacturing’ A Narrative Before ‘The Music Stops’
The US economy is resilient. So said top-tier data released on Thursday, less than 24
Don’t Mention The Fiscal Stagflation Paper
A fixture of the pandemic-era, wartime inflation debate is the (largely self-evident) contention that central
The ‘Controversial’ Stock Narrative That Isn’t Controversial
US equities are again vulnerable to “accelerant” flows which could exacerbate directional moves. It’s a
US Employers Add Fewest Jobs Since January 2021: ADP Reboot
The return of ADP’s monthly private sector employment report offered a comparatively lackluster snapshot of
As Europe Faces Oblivion, Markets Debate Technocratic Tinkering
Inflation likely rose more than 9% across the euro-area in August, data out Wednesday showed.
This Is The ‘100-Trillion Dollar Question’
In the aftermath of Jerome Powell’s overtly hawkish address in Jackson Hole, markets are compelled
US Labor Market Still A Hopeless Funhouse Mirror
Officials searching for evidence of normalization in the US jobs market were left disappointed by
US Home Prices Cool. Only Not Really
Rejoice, “bargain” shoppers! US home prices grew at the slowest annual pace since May of
UK Inflation Could Reach 20%, Goldman Warns
Inflation in the UK could reach almost 15% in January, and may rise as high
Staving Off A Crisis
It’s not a stretch (at all) to suggest Europe is currently facing the most onerous
Delayed Reckoning
Earnings, and particularly forward estimates, were the proverbial next shoe to drop. And then, suddenly,
The ‘Flashy, Gimmicky’ Student Debt Piñata
A “flashy gimmick.” That’s what the Wall Street Journal‘s editor… oh, wait, it’s the Washington
Mike Wilson Never Liked This Rally Anyway…
“The equity market became a victim of its own momentum over the past few months
Poring, Pouring And Poor-ing
Appropriately, the pre-Labor Day trade in the US will be all about the US labor
No Trade-Off?
“Are you willing, in Wall Street parlance, to ‘be Volcker’,” Bloomberg’s Michael McKee asked Raphael Bostic,
QT May Be ‘Straw That Breaks The Market’s Back’: Quant
There’s growing consternation among the analyst community that markets are insufficiently attentive to the risks
Hand It Over. And Stop Complaining About The Students
I said it a half-dozen times since June if I said it once. And I
Can You Hear Me Now?
Well, he did it. Or at least he tried. And, most importantly, it was obvious
The Powell Doctrine
“My remarks will be shorter, my focus narrower and my message more direct,” Jerome Powell
Stale Relief
Price pressures abated in the US last month, key data out Friday showed. The news
Panic, Stagflation And Cowardly Lions
Rates are too low and inflation isn’t likely to drop below 4% until at least
The Great Swindler
Back in April, during Berkshire’s first in-person annual meeting since 2019, Warren Buffett described inflation
Zoltan Pozsar Saves The Western World
Those calling for a quick return to 2% inflation in advanced economies are “naively optimistic.”
Zoltan Pozsar Bears Witness
“If there is trust, trade works. If trust is gone, it doesn’t.” So said Zoltan
One Thing, One Last Scare, One Right-Tail
Jerome Powell isn’t likely to do the “one thing” that could durably tighten financial conditions.
Are We Asking The Wrong Inflation Questions? Again?
What if rate hikes make inflation worse? It’s a question worth asking. Not in the
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