‘A Very, Very Serious Situation’
The mood was cautious Tuesday, as the pandemic fight, now in its second year, weighed
US New Home Sales Collapsed 18% In February
New home sales printed a sizable miss to consensus for February, adding to evidence that
Kaplan Won’t ‘Get In The Way’ If Market Pushes Yields To 2%
We know where Robert Kaplan stands. In remarks to CNBC Tuesday, Kaplan said he’s “more
All That Matters
Monday was instructive for anyone who still doesn’t understand the dynamic currently governing markets. US
Richest Americans Hide 20% Of Income, Costing You $175 Billion Annually
In “The Wealth Tax And Our Shared Insanity,” I offered a deliberately humorous take on
What Is A Bubble And Are We In One? Goldman Answers
What is a “bubble” and are we in one? Those two questions are a perennial
Nomura’s McElligott: The Curve ‘Has Single-Handedly Told The Tale Of 2021’
If you’re looking to hear the story of 2021 (for markets, I mean) you should
In Turkey: Meltdown
Recep Tayyip Erdogan asked for it, and he got it. Assets in Turkey were besieged
Lucky Number 7
A quick look at the schedule for this week suggests it’ll be a noisy affair,
Bond Bear Spray? One Bank Sees Quarter-Trillion In ‘Pent-Up’ Duration Demand
Between an accumulated rebalancing “miss” in 2020 and equity outperformance during the first quarter of
The Taxman Is Coming. But Stocks Will Worry About That Later
For now, the obsession du jour is still inflation soup. The recipe is a secret.
Larry Summers And Orthodoxy In Its Death Throes
I doubt the utility of dedicating additional space and energy to Larry Summers’s wildly quixotic
Dalio Frets To China About Fed Bond-Buying
Ray Dalio elaborated on the problems facing US macroeconomic policy while speaking Saturday at the
‘We Could See Volatility’: Expiration Of SLR Relief Haunts Strategists
Not everyone is particularly sanguine about the Fed’s decision to allow supplementary leverage ratio exclusions
In Potentially Disastrous Move, Erdogan Fires Another Central Bank Governor
On Thursday, CBT Governor Naci Agbal delighted markets with another rate hike. The 200bps move
‘Get Em’ While They’re Still Hot’
It probably wasn’t a “forecast.” On Friday, a couple of media outlets jumped at the
Zeus’s Catch-22 (Forget The Bonds. Take The Cannoli)
The Fed faces a “Catch-22,” BofA’s Michael Hartnett said, in the latest edition of the
Fed Waters Down SLR Expiration With Allusions To Modifications
After an agonizing delay, the Fed finally made an announcement on supplementary leverage ratio relief.
Baked Alaska
Chinese stocks crumbled Friday, diving nearly 3%, a slide some attributed to acrimony during high-level
What Wall Street Thinks Of Jerome Powell Now
The bond market wasted little time taking Jerome Powell up on his implicit invitation to
A Whiff Of Desperation
The Fed may have threaded the proverbial needle this week, but the follow through suggested
Philly Fed Prints A Half-Century High Scorcher
If you were looking for a scorching indicator to support the contention that the US
Jobless Claims Unexpectedly Jump As $242 Billion Hits Bank Accounts
770,000 Americans filed for unemployment benefits last week, far more than anticipated. The uptick comes
Erdogan Allows Another Rate Hike At Critical Juncture For Turkey
“[We’ve] decided to implement a front-loaded and strong additional monetary tightening”… is something you don’t
Pushing The Envelope
Jerome Powell’s uncharacteristically deft navigation of treacherous waters around the March FOMC meeting provided a
Against The Odds, Powell Threads Needle. For Now
Jerome Powell’s odds of skating through the March FOMC press conference unscathed were long. There
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