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Featured

The Capex Catch-22

November 3, 2026November 3, 2026
  • Someone’s Got Work For You

    November 3, 2026November 3, 2026
  • Tech Got No Love This Earnings Season

    November 3, 2026November 3, 2026
  • Have The Hyper-Scalers Lost Their Minds?

    November 2, 2026November 2, 2026

Markets

Apple Sets A Bunch Of Records. Misses In China

November 2, 2026November 3, 2026
  • Sell-Side Sarcasm: New And Improved!

    November 2, 2026November 3, 2026
  • Weekly: The Leveraged Buildout (Speculative Gravity Control)

    October 31, 2026November 2, 2026
  • The Problem, In A Nutshell…

    October 30, 2026November 2, 2026
  • What’s What And WTF?

    October 30, 2026November 1, 2026

economy

Debbie Downers Amid The Renaissance

November 2, 2026November 3, 2026
  • Polls, Projectiles And Payrolls

    November 1, 2026November 2, 2026
  • ‘Remains Elevated’

    October 29, 2026October 30, 2026
  • Boom!

    October 29, 2026October 30, 2026
  • Dissembling Strategery

    October 28, 2026October 29, 2026

Geopolitics

Let’s Talk Blue Waves

November 1, 2026November 2, 2026

Lagarde Versus Le Pen?

October 29, 2026October 30, 2026

The Tragic Irony Of The Israeli State

October 28, 2026October 29, 2026

Duly Noted

An ARM And A Leg

October 28, 2026October 30, 2026

Not Since 1969…

October 22, 2026October 24, 2026

US Seen Hemorrhaging Red Ink As Deficit To Top $1 Trillion Sooner Than Expected

August 21, 2019August 21, 2019

“…you can cut the numbers by two pennies and three pennies and balance a budget quickly”.

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29 Comments on US Seen Hemorrhaging Red Ink As Deficit To Top $1 Trillion Sooner Than Expected

Hedge Funds ‘Particularly Vulnerable’ To Market Unwind On ‘Crowding Risk’

August 21, 2019August 21, 2019

Still, everything should be fine as long as nobody yells “fire!”. Or “recession”.

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hedge funds3 Comments on Hedge Funds ‘Particularly Vulnerable’ To Market Unwind On ‘Crowding Risk’

No-Deal Brexit Becomes Base Case For One Bank, Prompting Change To Fed Cut Call

August 21, 2019

We’re gonna need more “insurance”.

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1 Comment on No-Deal Brexit Becomes Base Case For One Bank, Prompting Change To Fed Cut Call

Trump Appears To Call For Negative Rates Amid ‘Sooo Strong Economy’, Insults Powell’s Golf Game (Again)

August 21, 2019August 21, 2019

And meanwhile, China plans for a “no deal” scenario.

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Leave a Comment on Trump Appears To Call For Negative Rates Amid ‘Sooo Strong Economy’, Insults Powell’s Golf Game (Again)

Trump, ‘King Of Israel’, Quotes Wayne Allyn Root, Who Said Heather Heyer Was Killed By Soros Hire

August 21, 2019August 21, 2019

“Wow!”

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6 Comments on Trump, ‘King Of Israel’, Quotes Wayne Allyn Root, Who Said Heather Heyer Was Killed By Soros Hire

As Fed’s Daly Frets Over ‘Self-Fulfilling Prophecy’, Goldman Warns Fed Is Caught In ‘Hall Of Mirrors’

August 21, 2019August 21, 2019

When expectations become circular, the waters become muddy.

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2 Comments on As Fed’s Daly Frets Over ‘Self-Fulfilling Prophecy’, Goldman Warns Fed Is Caught In ‘Hall Of Mirrors’

Germany Makes History With ‘Failed’ Zero Coupon 30-Year Sale

August 21, 2019August 21, 2019

Bondmania.

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1 Comment on Germany Makes History With ‘Failed’ Zero Coupon 30-Year Sale

And There It Is: Mick Mulvaney Said To Warn GOP Donors Of Possible US Recession

August 20, 2019August 21, 2019

Dream, meet reality.

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6 Comments on And There It Is: Mick Mulvaney Said To Warn GOP Donors Of Possible US Recession

Trump Cancels Meeting With Denmark After Prime Minster Refuses To Sell Greenland

August 20, 2019August 20, 2019

“A large real estate deal” gone bad.

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5 Comments on Trump Cancels Meeting With Denmark After Prime Minster Refuses To Sell Greenland

Trump Courts Jewish Voters By Insulting All Jews With Horrendous ‘Disloyalty’ Gaffe

August 20, 2019

“If it ain’t broke, don’t fix it!”

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5 Comments on Trump Courts Jewish Voters By Insulting All Jews With Horrendous ‘Disloyalty’ Gaffe

Why Cut Payroll Taxes When You Can Just Hand $100 Billion To The Wealthy?, Trump Wonders

August 20, 2019August 20, 2019

“Many people like it”.

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5 Comments on Why Cut Payroll Taxes When You Can Just Hand $100 Billion To The Wealthy?, Trump Wonders

As US Stocks Snap Win Streak, Hope And Caution Duel In Summer Heat

August 20, 2019August 20, 2019

Peering through the haze towards Jackson Hole.

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4 Comments on As US Stocks Snap Win Streak, Hope And Caution Duel In Summer Heat

Trump Wants ‘Minimum’ 100bp Fed Cut, Says Economy ‘Far From Recession’

August 20, 2019August 20, 2019

“… it should have happened a long time ago”.

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1 Comment on Trump Wants ‘Minimum’ 100bp Fed Cut, Says Economy ‘Far From Recession’

Robert Shiller Says Fed Cuts Send The Wrong Message

August 20, 2019

“The important thing is the narrative they’re beginning”.

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3 Comments on Robert Shiller Says Fed Cuts Send The Wrong Message

The Truth Behind Plunging Bond Yields: Largest Convexity Hedging Flow Since 2008 And Retreating HFTs

August 20, 2019August 20, 2019

Self-feeding loops and modern market microstructure as gasoline on the fire.

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1 Comment on The Truth Behind Plunging Bond Yields: Largest Convexity Hedging Flow Since 2008 And Retreating HFTs

End Game Finally Comes In Italy As Conte Resigns, Salvini Seeks Premiership

August 20, 2019August 20, 2019

Arguably, this isn’t the worst outcome for markets.

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Leave a Comment on End Game Finally Comes In Italy As Conte Resigns, Salvini Seeks Premiership

US Steel Layoffs Are Stark Reminder Of The Reality Behind Trump’s MAGA ‘Miracle’

August 20, 2019

“Your business was dead. Okay”?

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2 Comments on US Steel Layoffs Are Stark Reminder Of The Reality Behind Trump’s MAGA ‘Miracle’

Mike Pompeo Sure Hopes There’s Not ‘Something Like Tiananmen Square’ In Hong Kong

August 20, 2019September 4, 2019

“Those would be the best outcomes for both China and the United States”.

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6 Comments on Mike Pompeo Sure Hopes There’s Not ‘Something Like Tiananmen Square’ In Hong Kong

Marko Kolanovic: ‘More Than Half’ Of Recent Stock, Bond Moves Technically-Driven

August 20, 2019August 20, 2019

“The market will likely continue to be dominated by disruptive tweets”.

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2 Comments on Marko Kolanovic: ‘More Than Half’ Of Recent Stock, Bond Moves Technically-Driven

Can Trump Save Trumponomics?

August 20, 2019August 20, 2019

In spite of its namesake.

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7 Comments on Can Trump Save Trumponomics?

China Releases First Revamped Loan Prime Rate, Ushering In New Interest Rate Regime

August 19, 2019August 19, 2019

Welcome to a new era.

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Leave a Comment on China Releases First Revamped Loan Prime Rate, Ushering In New Interest Rate Regime

So Much For ‘Regular And Predictable’: What Treasury’s 50-, 100-Year Bond Outreach Means

August 19, 2019

A “bias to proceed”.

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2 Comments on So Much For ‘Regular And Predictable’: What Treasury’s 50-, 100-Year Bond Outreach Means

Trump, Fearing Economic Downturn, Ponders Payroll Tax Cut To ‘Arrest Slowdown’

August 19, 2019August 20, 2019

“Their panicking and flailing is palpable”.

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20 Comments on Trump, Fearing Economic Downturn, Ponders Payroll Tax Cut To ‘Arrest Slowdown’

Stocks Rise In New Week, But Surging Dollar Could Become Problematic

August 19, 2019August 19, 2019

The combination of relatively tight Fed policy and a resilient dollar acts as a boa constrictor.

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Leave a Comment on Stocks Rise In New Week, But Surging Dollar Could Become Problematic

Boston Fed Chief Eric Rosengren Is A Man Suffering From A ‘Horrendous Lack Of Vision’

August 19, 2019

Eric doesn’t see the light.

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2 Comments on Boston Fed Chief Eric Rosengren Is A Man Suffering From A ‘Horrendous Lack Of Vision’

It’s Going To ‘Feel Like A Recession’: One Bank Thinks The Die May Be Cast

August 19, 2019August 19, 2019

“Those returning from summer holidays have had a bit of a shock”.

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1 Comment on It’s Going To ‘Feel Like A Recession’: One Bank Thinks The Die May Be Cast

Trump Blasts Powell Fed For ‘Horrendous Lack Of Vision’, Demands Rate Cuts, Invents Democrat Conspiracy

August 19, 2019August 19, 2019

“Very Selfish!”

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4 Comments on Trump Blasts Powell Fed For ‘Horrendous Lack Of Vision’, Demands Rate Cuts, Invents Democrat Conspiracy

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Monthly Letter

  • The Arbitrageur

Recent Comments

  • Frederic MARI on The Capex Catch-22
  • Frederic MARI on Let’s Talk Blue Waves
  • Frederic MARI on Apple Sets A Bunch Of Records. Misses In China
  • T-Dog on Let’s Talk Blue Waves

Monthly Letters

The Arbitrageur

October 29, 2026October 29, 2026

To Be Happy

September 4, 2026September 4, 2026

Hell Or High Fashion

July 3, 2026July 3, 2026

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