‘In All Things, Eating Is The Biggest’
China is concerned about food security. And really, who isn’t these days? After all, the
‘Hostile Activities’ (Who Wants Rubles?)
Vladimir Putin has an idea. A week after making the transfer of hard currency illegal by
Multiplying Crises Now ‘Exceed Our Capacity For Statistical Prediction’
One of the defining features of markets in the post-pandemic era is the inability to
Zoltan Pozsar: Commodity Chaos Could Spark ‘Classic Liquidity Crisis’
“A wise guy’s always right,” Al Pacino’s Lefty Ruggiero told Johnny Depp’s Donnie Brasco, during
Blood Coins
In the turbulent days around the imposition of a partial SWIFT ban on Russian institutions
Goldman Sees Risks To US Economy From Ukraine War
“The growth drag from oil prices alone is about 0.2pp based on the move so
Strong US Jobs Report Comes With Wage Conundrum
The US economy added far more jobs than anticipated in February, the government’s report showed.
JPMorgan Says Russian Economy To ‘Collapse’
The Russian economy could “collapse” under the weight of Western sanctions, JPMorgan said, in a
Like Chernobyl, Only Worse
“Europe needs to wake up,” Volodymyr Zelenskiy warned, after the Russian military shelled Europe’s largest
‘The Only Way Is Up’: Commodity Surge Makes History
I’m not sure how many people had “World War III catalyst” on their commodities supercycle
Putin Faces ‘Buyers’ Strike’ For Russian Energy
Anyone looking to OPEC+ for help with surging crude prices was disappointed this week. The
Ambiguous US Data Lost In Fog Of War
215,000 Americans filed for unemployment benefits in the week to February 26, the government said
A ‘Severe Meltdown’
The headlines for Vladimir Putin’s Russia were ominous on Thursday. “The West is trying to
Jerome Powell: I Can Land This Plane
US markets have morphed into something that resembles the cryptosphere, with outsized daily swings the
Stocks Are ‘Exhausting’: The Real Story Behind The Chop
Market participants need a narrative. We have to ascribe causality. It makes us feel more
Star-Crossed Powell Confronts War, Commodity Crisis
Jerome Powell expects it’ll still be appropriate for the Fed to hike rates this month,
Small Businesses Fall Behind In Desperate Search For Labor
US private sector employers added 475,000 jobs in February (figure below), 100,000 more than consensus
Is Russia Going To Zero?
Russia kept its stock market shuttered for a third day Wednesday as the finance ministry
Very Challenging
Tuesday was another very challenging session for risk sentiment. Tensions in eastern Europe worsened as
The Most ‘Aggressive Dip-Buying’ Of Any Post-Lehman Selloff
Buying dips has been a good “strategy” in the post-financial crisis era. Indeed, it’s been
US Factory Surveys Hold Up, But Ukraine Impact Not Captured
US manufacturing activity held up in February, the first of this week’s high profile economic
‘Full-Blown, Front-End VaR Shock’ Underway
Amid a never-ending tsunami of terrifying war headlines out of eastern Europe, traders priced out
Russia Risks Default As Financial System Paralyzed
When you’re in a hole, the first step is to stop digging. But not if
‘Something, Somewhere May Break’: McElligott On Russia
At least for the next several days, market participants will focus on the proverbial “plumbing,”
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