Will Soaring Mortgage Rates Pop US Housing Bubble?
If you like bad puns, call it another crack in the foundation. New US home
Biggest Bond Drawdown In History Imperils Everything
Last week, I talked at some length about the purported death of the four-decade bond
Gold, Gas And Guns
“It’s time for Europe to start thinking about winter gas supplies,” Russia’s Alexander Novak said,
Clear And Present Danger
Who’s afraid of credit spreads? The Fed, historically. Speculation is rife that overzealous policymakers, terrified
Rate Cuts, Recession: Coming 2023 To A Theater Near You
Earlier this month, frustrated with a lack of capitulation in US equities, I asked when
Goldman Changes Fed Call As Two-Year Yields Surge Most Since 1984
If you ask Goldman, there’s something to Jerome Powell’s newfound affinity for the word “expeditiously”
Through The Flames
The market narrative continued to revolve almost exclusively around the Fed on Tuesday, as traders
Putin Delivers Body Blow To European Investor Psychology
On a day when US market participants were apparently feeling decidedly less enthusiastic about the
Treasury Selloff Accelerates As Hawkish Powell Bets On ‘Soft-ish’ Landing
“Powell’s hawkish comments ripple through markets,” one headline read, on Monday afternoon. This week was
Just Stop. De-Dollarization Is Impossible
I often forget I’m getting older. I’m fortunate in many ways, not least of which
Fault Lines
Markets exhibited something like relative stability Monday, as investors looked ahead to a week that’ll
Tape Bombs And Technocrats
Traders and investors will hear from a long list of Fed speakers in the new
‘It’s Getting Late,’ One Bank Warns
One bank’s “hotter but shorter” cycle thesis is beginning to look quite prescient. Around a
We’re Probably Not Going To Make It
Over the years, I’ve created any number of simple, “burning Earth” collages for articles documenting
The Roarin’ 2020s And The Death Of The Bond Bull
In this century’s iteration of the “Roarin’ 20s,” the word “Roarin” has a decidedly negative
With Stagflation, Investors Damned If They Do, Damned If They Don’t
Stagflation looms. That’s the zeitgeist across markets, and it’s visible pretty much everywhere you care
The Petroyuan And ApeCoin: Fables Of The Dollar Deconstruction
A few days ago, market participants were treated to a new version of an old
Barn Burner
US equities closed out a barn burner week with more gains. Media outlets variously attributed
Murmurs Of Recession
It’s not all bad news, believe it or not. Well, it really is. But we
Jim Bullard: Fed Should Hike 12 Times In 10 Months
Friday brought more hawkish Fed banter, with Jim Bullard (who, you’re reminded, dissented at the
The Shocks Aren’t Over (‘Six Fundamental Bear Market Drivers’)
Equities saw their largest inflow in five weeks, but the nascent bounce in global shares
To Be Or Not To Be
News flow was comparatively sparse as equities looked to wrap up their best week since
McElligott On The Fed, The Future And The Rally
The Fed put on what counted as a brave face this week, when the dot
Kolanovic Weighs In On Fed, ‘Mutually Assured Economic Destruction’
Marko Kolanovic is bullish on emerging market assets, and “in particular” China. Although the headline
Marko Kolanovic Sees ‘Great Opportunities,’ More Energy Upside
It’s time to start adding risk. Or at least in market segments that may have
BOE Condemns Putin, Hikes Rates, Adopts Dour Cadence
The first paragraph of the Bank of England’s March policy statement wasn’t about interest rates.
Good Cop Xi Conjures Historic Two-Day Stock Surge
If Beijing’s goal was to trigger a massive squeeze on the way to engineering the
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