Janet. Fed Preview
Good luck out there – your fate rests on the shoulders of a diminutive economist with a pixie cut…
You May Have Had A Better Week Than Some Quants
…it’s fair to ask if maybe the CTA crowd had a bad week. Because long Treasurys and short USD wasn’t exactly how one would have wanted to be positioned ahead of the “no apocalypse” risk rally that saw 10Y yields rip 18bps higher off the previous Friday’s lows while the dollar put in one of its best five-day stretches of 2017.
The Biggest Bubble Of Them All: ‘Work’
“Work is gradually emerging as the biggest hoax in the history of humankind.”
Bitcoin Avengers Assemble! B.I.S. Says Central Banks Should Create Their Own Cryptocurrencies
If the crypto crowd wasn’t already incensed enough after a week that saw Bitcoin collapse as much as 30% on signs that China is deadly serious about Beijing’s ongoing shakedown in the space and after Jamie Dimon delivered a truly scathing critique of what he’s calling a “fraud” that’s destined to “blow up,” they can now add the B.I.S. to their list of adversaries.
Here’s ‘The Friendliest Lawsuit Ever Filed Against The FBI’
“Last month, I sued the Justice Department in what I described as perhaps the friendliest lawsuit ever filed against it. Yesterday, I filed an equally friendly suit—this time against the FBI.”
‘People Are Scared To Put Money In’ – Qatar Stocks Extend Horrific Slide
“…investors did not take the remarks as a sign that the dispute was moving closer to resolution.”
Trump Calls Korea, Asks About ‘Rocket Man’ Then Drives Golf Ball Into Hillary Clinton’s Back
Pennywise, the orange clown President is back.
‘You Are Here.’ Questions?
The thing about being irrational is that it’s always better to just admit that’s what you’re doing up front and then quickly double down by exclaiming that you plan to keep being irrational right up to and until being irrational stops being profitable.
Scarborough: With Trump, It’s Never Over
“If Trump’s political career is ever brought to an abrupt end, it won’t be because a few right-wing carnival barkers found themselves unable to pressure the president into adopting a policy position — expulsion of the dreamers — that is supported by only 12 percent of Americans.”
‘If You Invest Now’ There Is A One Third Chance You Will Lose 20% Within 2 Years
What does history say?
The Doom Loop Is Back: ‘VIX ETP Risk’ Hits All-Time High
“This vega-to-buy is at a record highs, almost doubling since mid-July on inflows to short VIX ETPs.”
Bernie Sanders Wants To Join The Modern World On Healthcare – But ‘Don’t Worry’, Trump Won’t Let Us
“This is a pivotal moment in American history. Do we, as a nation, join the rest of the industrialized world and guarantee comprehensive health care to every person as a human right?”
‘Aaaaand, There It Is’: Letters On The Confederacy From Ben Hunt’s Mailbag
“We are ALL being played. Including JD.”
Weimar Guitar Gently Weeps
“No matter what color, shape or origin, modern-day right wing populism just cannot shake off its fascination with Mein Kampf.”
WSJ: Facebook Gives Details Of Russian Ads To Mueller, Possibly After Search Warrant
“Facebook has handed over to Robert Mueller detailed records about the Russian ad purchases on its platform that go beyond what it shared with Congress last week.”
How To Trade The Fed’s Big Announcement And Why There Won’t Be A ‘Tantrum’
Given the well-choreographed and gradual adjustment, we expect that asset markets will avoid another ‘taper tantrum.'”
Nikki Haley Has ‘No Problem Kicking’ The North Korea Problem To Mattis
NIKKI HALEY: NORTH KOREA, IRAN, SYRIA TO BE KEY FOCUSES AT UN
NIKKI HALEY: NO PROBLEM KICKING N. KOREA TO PENTAGON’S MATTIS
HALEY WARNS UN SECURITY COUNCIL MAY RUN OUT OF N. KOREA OPTIONS
Cassini Died For Macro Fund Managers’ Sins
“When you see a 350-page slide deck justifying a losing position, it makes sense to wonder whether even a fraction of the effort that went into its creation was allocated to considering whether the investment thesis is misguided.”
Gasp: Companies Are Spending Less On Stocks!
That’s ok, maybe we can just send a nice letter to the SNB and/or Norway’s sovereign wealth fund and politely ask them to fill the void.
‘Proactive And Nasty’: Trump Says His Strategy With Women Working Well On ISIS
But not all of the “strategery” Trump employed in his pre-Oval Office days has proven to be utterly useless in his capacity as commander-in-chief.
Bitcoin In Free Fall: The Beginning Of The End?
All you had to know was that governments will do what governments have always done when faced with an existential threat.
Weintraub: Russian Troll Farms Do Not Have First Amendment Rights!
“People can argue in good faith about the merits of unbridled corporate spending in American elections. Me, I’m not such a big fan. But no reasonable person would grant full First Amendment rights to a Russian troll farm.”Â
Key Calls (Friday): Upgrades, Downgrades & Initiations
You need an upgrade.
‘Geopolitical Risks Won’t Go Away’: North Korea’s Latest Missile Launch Tests Market’s Resilience
We would respectfully disagree with that assessment. Just because you didn’t aim your missiles at something new doesn’t mean firing missiles isn’t an “escalation.” That’s like saying that if I rob my neighbor once and he warns me not to do it again, it’s not an “escalation” if I rob him a second time as long as I break in through the same door.
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