Through The Looking Glass: A Survey Of Decentralized Finance
We are witnessing a renaissance at the intersection of mathematics, computer science, and finance, and
The Strain, The Taper And The Caveats
The word “variant” showed up seven times in the July Fed minutes, the word “Delta”
Booster Clarion Call: Reasoning With The ‘Other’ Half
It’s probably best if you get a booster shot, US health officials reckon. “The available
US Housing Conundrum Persists Amid Sky-High Prices
US housing starts dropped to a 1.534 million annualized pace last month, the Commerce Department
Is Fear Back?
Fear sells, and Wednesday was a good day to be in the business of peddling
Did We Underestimate The Biggest Risks?
Investors may have underestimated the biggest risks. Imagine that. While there’s no straightforward, mechanical read-through
Huge Disparity Emerges Between Growth Outlook, Equity Allocation
“Macro expectations have rolled over.” That was one takeaway from the August vintage of BofA’s
Benefit Of The Doubt
It’s “unclear” whether the Delta variant will have important effects on the economy, Jerome Powell
Retail Sales Dive, Underscoring Delta, Inflation Concerns
US retail sales sagged in July, closely-watched data out Tuesday showed. The 1.1% decline was
What Really Happened Monday, According To Charlie McElligott
The standard, boilerplate copy on days when weakness across equities reverses during the cash session
Wary Eyes, Familiar Concerns
The mood was cautious Tuesday as markets cast a wary eye at a familiar set
How Many More Headstones?
“American troops cannot and should not be fighting in a war, and dying in a
Wilson ‘Marks To Market.’ Kolanovic Weighs 2022 Macro Risks
I’ve used “mark to market” in tongue-in-cheek fashion on any number of occasions lately, mostly
‘Obvious Things’ And Credit, The Four-Letter Word
“Obvious things can still matter,” Morgan Stanley’s Andrew Sheets reckoned, in a well-written note dated
Strike Two
Hot (or cold) on the heels of a disastrously bad University of Michigan sentiment print,
The Day After
Airlines rerouted planes to avoid Afghan airspace, while others nixed flights as chaos gripped Kabul
China’s Key Activity Data Misses Across The Board
Outside of jitters about the durability of the US recovery in the face of surging
Safe Inside The Bubble
In the new week, market participants will have the luxury of watching the outside world
‘But Nothing That Should Matter To Markets’
“But nothing that should matter to markets.” That disclaimer is applicable to nearly everything these
Don’t Fear The Lock-Up Expiries
When it comes to equities, we know where the demand will come from. Or at
Explaining The Calmest Market Since Yellen’s Short Vol Bubble
The last time things were this placid, Janet Yellen was presiding over the short vol
Monetizing A ‘Free Option’: The Business Of Permabears
On Friday morning, Bloomberg’s Jonathan Ferro delivered a highly amusing indictment of “permabears” live, on
Losing Our Religion
In “A Funhouse Mirror Through Beer Goggles,” I talked about the importance of adjusting one’s
Hot Streak And A Bear Case In Shambles
European equities just enjoyed their largest inflow in eight weeks. The $1.5 billion haul was
‘Dashed Hopes’: US Consumer Sentiment Suddenly Crumbles
It’s relatively rare that University of Michigan sentiment moves the proverbial needle, especially during weeks
The Butterfly Effect
“You’re going to have a secondary hit,” one shipbroker told Bloomberg on Friday. In a
Delta And The Outlook For ‘Cyclical Risk Relaxation’
One thing, at least, is clear. Market participants have downgraded their view on growth. That’s
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