Street Level
If you had any doubts as to whether the demonstrable economic progress the US has
So Much For ‘Herd Immunity’
COVID-19 isn’t going away. Increasingly, that’s the consensus among experts, many of whom believe that
‘Delhi Needs Oxygen’
The growth narrative is starting to crack for India. Over the weekend, the country became
Price Pressures, Price Pressures, Price Pressures
In a somewhat unexpected turn for an economy hitting on all cylinders, ISM manufacturing posted
More Than A Sugar High
US equities came into May looking to build on last month’s gains, propelled by a
Bubble Tales
Last week, I conceded that the US housing market is probably a bubble. “Conceded” not
Ray Dalio And The Biden = Roosevelt Analogue
Admittedly, I have a difficult time editorializing around Ray Dalio’s missives these days. Ray seemingly
Folks Gotta Eat
Market participants will digest top-tier US data this week, with April payrolls headlining. Consensus expects
Weekend At Berkshire’s
They always sneak up on me — “they” means Berkshire weekends. Invariably, I’m relaxing on
Spend It If You Got It
America’s largest corporations are beating analysts’ profit estimates at a rate not seen in at
Tomorrow’s Crisis
US equities headed into May coming off their best month since the election and analysts
Collateral Damage: Technology And The Theft Of History
In contrast to capital, humans are well aware of certain costs. For although we care
Gator Watching
One of the most amusing (some folks wouldn’t use that adjective) things about scrolling through
Long Inflation
The “trade of 2021” has been long copper (+27.9%) and short the 30-year Treasury (-13.8%),
Stimmy! And Leon, The ‘Fully Invested Bear’
Did you get your “stimmy?” Some folks sure did. Personal incomes rose 21.1% in March,
Double Dip
A rather glaring transatlantic divide opened up in the first quarter, as the eurozone succumbed
Exciting, Dynamic, Price-Setting Mechanisms
Another session in paradise found US equities dawdling, or “chopping around,” if you prefer to
Politics As A Suicide Cult
Everything has always been about revenge. That is his curse, but, at this political moment,
Pay The Piper
Some of the inflation banter emanating from prominent market participants can properly be written off
Pyrrhic Victories
For the third consecutive week, jobless claims in the US dropped to a fresh pandemic
In Preview Of Summer Boom, US Economy Accelerates
The US economy expanded at a 6.4% pace in the first quarter (figure below), the
Pipe Dream
Listening to Joe Biden deliver a common sense assessment of what’s needed to help the
Tim Apple Is Doing An Amazing Job
Apple delivered another strong quarter on Wednesday afternoon. Color no one surprised. Sometimes, it’s hard
‘That Could Have Been Me’
Jerome Powell’s press conference was largely uneventful for the majority of market participants, but it
Adults In The Room
The Fed delivered a predictably bland, albeit relatively upbeat, statement following an April meeting that
Right Tail Only, Please
By now, most market participants with more than a passing interest in the day-to-day goings-on
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