Schmid V. Miran
The Fed cut rates by 25bps on Wednesday, as widely expected. Stephen Miran, Trump’s man
Crowning Achievement
Memoranda of understanding. What are they, exactly? They’re “non-binding agreements that outline the shared intentions
Lower Mortgage Rates Fail To Revive Moribund US Housing
Flat. That was contract activity in the US housing market last month. Wednesday’s sole, lonely
It’s Not A Bubble, Nvidia Insists
Monday it was Qualcomm. Tuesday it was Nokia. Every day, something else soars 20% or
Consumer Confidence Falls As American ‘Vibecession’ Unrelenting
Consumer confidence in the US declined a third month in October as households continued to
America’s Inflation-Adjusted Housing Wealth Shrinks Again
Don’t look now, but America’s housing wealth declined a third straight month in inflation-adjusted terms.
‘Give Him My Putter. He’ll Love It.’
If I hear the term “golden age” one more time I fear I might lose
Remember: Bears Are Never Held Accountable
I keep coming back to the notion that people — as opposed to machines, and
Season’s Greetings
I don’t love historical analogues in the market context. In a similar vein, I’m instinctually
Squeeeeeeeze
Earlier this month, I endeavored to explain why equities were trading short. It wasn’t complicated
It Worked.
Congratulations to Javier Milei and, just as importantly from some vantage points, Scott Bessent: Argentines
What To Expect From The October FOMC Meeting
A rate cut. Spoiler alert. That’s the short version. And there really isn’t a “long”
Free-Wheeling And Dealing
Donald Trump and Xi Jinping have a deal. Or at least the contours of one.
Weekly: Bells At The Top?
The equity rally off the “Liberation Day” panic lows sure is exhibiting a lot of
Gipper Grievances
I suppose — indeed I hope, because if not it means a lot of you are
Fed Gets Rate-Cut Green Light From BLS
“Welcome back to the office. President Trump’s expecting good news.” Furloughed US government statisticians temporarily
US Economy Ok For Now, But Maybe Not For Long
Guess what? Activity across the US economy picked up in early October when businesses and,
All Skewed Up
You don’t need to hedge what you don’t own. And vice versa. That simple, axiomatic
For Many US Home Hopefuls, ‘Affordable’ Remains A Distant Prospect
It says a lot, none of it especially encouraging, about the resale market for US
Vladimir, It’s Don. I Sanctioned Your Oil. Call Me Back.
Don’t worry about it, it’s just a negotiating tactic. And the world’s anyway awash in
‘If This Was A Normal Cycle’
In “This Time Was Different” I talked at some length about the uniqueness of the
A Word (Or 900) On Tesla
Since he stepped down as co-POTUS in April, I lost track of the daily melodrama
This Time Was Different…
Any retelling of the post-pandemic macro narrative has to include a nod to the fact
King Trump In Hot Pursuit Of Own Shutdown Record
Congratulations to Donald Trump. First for maneuvering into the extremely enviable position of being able
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