‘The Greatest Real Estate Crisis’ Since Lehman: How Bad Is Germany’s CRE Problem?
The German economy doesn’t need any more problems. The engine of European growth is stuck
Economists Cry Foul: Growing Chorus Says Fed Policy Too Tight
The Fed’s overstaying its welcome at terminal. That’s the message from a growing number of
With Allies Like These
I tend to ignore most of what Donald Trump says for what I assume are
Israel Readies Rafah Invasion Amid Debt Downgrade, ‘Too Far’ Criticism
“Victory is within reach,” Benjamin Netanyahu told ABC’s Jonathan Karl in a weekend interview. “We’re
Inflation Report To Test Epic US Equity Surge
Traders and investors will have plenty of macro inputs to ponder in the new week,
Flows, Sentiment And Too Much Information
We’re far enough into 2024 to start talking about YTD “trends” in equity fund flows.
Fed-Defying Stock Rally Turns Most Of Wall Street To Bears
Generic market wraps published on Friday described an unremitting equity melt-up deaf to the shrill
Nothing To See Here
There was no shortage of hype around Friday’s annual CPI revisions from the BLS. For
Reversing Greed
Last year, bearish positioning was “markets’ best friend.” In 2024, by contrast, positioning is poised
Money Market Fund AUM Rises Further Beyond $6 Trillion Milestone
Money market funds notched another inflow, pushing total assets to a new record high above
Generally Speaking
Ukraine’s army is under new management as of… well, as of now. I suppose that’s
Bolsonaro Officials Planned Outright Military Takeover In Brazil, Police Allege
Donald Trump’s not the only former president under investigation for plotting to overthrow the democracy
Albert Edwards Calmly Makes The Case For Tech Caution
Albert Edwards is worried about tech. Still. Albert Edwards is still worried about tech. I
Xi’s Macro Problems Pile Up As Deflation Deepens
There was more bad macro news out of China on Thursday. The drumbeat of despondency
US Jobless Claims Uptick Looks Like Another False Alarm
US jobless claim were a nonevent Thursday. I mention them only in the context of
Is The Treasury Oversupply Panic Over?
While editorializing around what counted as the largest two-session selloff for benchmark US Treasurys since
Abu Bakr Al-Saadi, Signing Off!
Abu Bakr Al-Saadi’s done. On Wednesday evening, the Kataib Hezbollah underboss was tooling around Baghdad
Fed Preaches Caution. Stocks No Longer Care
It’s fairly obvious by now that equities are unbothered and otherwise nonplussed by the notion
How Worried Should Markets Be About A CRE Spiral?
Last week, following the first of what would ultimately be several very bad days for
Xi Calls Up ‘The Butcher’ To Cut Off China Stock Rout
“I heard you paint houses.” I was only half joking yesterday when I suggested Xi
Meanwhile, In HELOC News
Last summer, Bloomberg ran a piece documenting “the 2023 HELOC boom.” It was a human
Don’t Look Down
I haven’t counted myself among equity bears in quite a while, and I’m far from
Americans’ Credit Card Debt Hits $1.13 Trillion. Delinquencies Jump
Americans scored a new record for outstanding credit card debt in Q4, when total open
An ‘Epic’ Treasury Selloff, Kashkari’s Stargazing And Bad Election Optics
I’m a bit reluctant to editorialize heavily around what one mainstream financial media outlet described
China Turns To Xi For Advice On Stock Crisis
“Ok, I’m here. What’s the problem?” “Well, sir, it’s the stocks.” “What about the stocks?”
Market Concentration Risk ‘Worse In Some Ways Than Dot-Com Bubble,’ Kolanovic Says
As discussed at some length in “Magnificent 7: Bubble Or Not?” dot-com redux warnings are
Is The Fed Behind The Curve Again?
The Fed was certainly behind the curve hiking rates. Jerome Powell admitted as much during
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