Germany Suffers Emerging Market-Style PPI Spiral
Producer prices in Germany soared last month. To the extent “soared” can be an understatement, consider
Producer prices in Germany soared last month. To the extent “soared” can be an understatement, consider
I left the car running. I always do. It’s still scorching hot around here, and
Markets moved closer to what felt like a breaking point Friday. FedEx’s bleak remarks on
If you’re looking to assign blame for US stocks’ worst day of 2022, you can
The odds of a “left-tail,” hard landing scenario for the US economy have “exploded higher.”
One, among many, critical dynamics that most market participants either don’t understand or don’t fully
Risk assets weren’t enamored with another disconcerting US inflation report. US equities crumbled after data
If you’re wondering about the scope of mechanical flows which aided and abetted last week’s
If you ever make the (perilous) decision to spend every waking hour immersed in the
The Fed is in the inflation fight for “as long as it takes,” Lael Brainard
On a fateful Friday morning in mid-June, the Fed ran into trouble when an extremely
It’s been an especially rough year for US equities. In fact, 2022 was worse than
If fighting determined central banks is a fool’s errand, what is fighting panicked governments? That’s
For the better part of a dozen years, stocks were beyond reproach. Thanks to subdued
If Neel Kashkari was “actually happy” to see US equities fall following Jerome Powell’s terse
An increasingly acute tightening impulse from a buoyant dollar and surging US real yields is
US equities are again vulnerable to “accelerant” flows which could exacerbate directional moves. It’s a
In the aftermath of Jerome Powell’s overtly hawkish address in Jackson Hole, markets are compelled
Earnings, and particularly forward estimates, were the proverbial next shoe to drop. And then, suddenly,
Appropriately, the pre-Labor Day trade in the US will be all about the US labor
Well, he did it. Or at least he tried. And, most importantly, it was obvious
Jerome Powell isn’t likely to do the “one thing” that could durably tighten financial conditions.
Following an impressively durable summer rally aided and abetted by systematic flows and squeeze dynamics,
At a certain point, you run out of creative hyperbole. Such is the case with
The volatility expansion window is now open. The question is whether discretionary investors look to
“Peak inflation” may be upon us (in the US, anyway), but the relief for markets
It’s “Ok, what now?” time. Both for equities and the economy. The summer stock rally
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