Fiat Money And The Bonds
How bad of an investment are bonds? I’m not making an especially profound observation when
How Seriously Should We Take Elon Musk’s ‘America Party’?
On a lot of levels, Elon Musk’s an unserious person. So, even if he’s serious
One Way Or Another, Corporate America Always Wins
If it seems to you like corporate America — and here I mean big corporate
The Dollar’s Relationship To US Stocks Is Changing
If you’re immersed in the market zeitgeist, you’ve probably heard all you care to by
Letters And Deadlines
“We’re going to start sending letters out to various countries tomorrow.” So said Donald Trump
Persona Non Grata
Now we’ll never know where the bomb fuel is. 22 years on from Mohamed ElBaradei’s
So… What’s The Bear Case Now?
Wall Street headed into Friday’s US holiday on track for another solid weekly gain. And
‘Solid’ US Jobs Report Is Optical Illusion
The US economy added more jobs than expected last month, and you can thank state
Decent PMI Headlines Belie Underlying Stagflation
The last of this week’s top-tier US macro releases sent mixed messages about the largest
Dollar Debate Rages As Trump Upends The World
I suppose this goes without saying, but there’s still a lot of angst out there
Private Hiring Slams Into Reverse As ADP Headline Goes Negative
Private sector employers in the US — that’d be the businesses on whose shoulders job
2025 Is Worst Year For Job Cuts Since Pandemic
There was good news and bad news from Wednesday’s monthly update on job cut announcements
Lowest Mortgage Rates Since ‘Liberation Day’ Can’t Break Housing Gridlock
Quick, refi! Mortgage rates in the US slipped below 6.80% on the MBA’s gauge in
Trump Tax Bill Hands Richest 0.1% A $120,000 Annual Raise
You gotta hand it to Republicans: Four decades on from the Reagan Revolution, they’ve distilled
Foreigners Are Still Saying ‘No Thank You’ To US Stocks, Bonds
In “US Equity Flows: Robust Or Sputtering?” I recapped H1 equity fund flows on the
Blame Game
Jerome Powell on Tuesday blamed Donald Trump for the Fed’s reluctance to cut rates in
Restaurant, Hotel Job Openings Soar Second-Most Ever
Don’t look now, but job openings across the US economy just jumped the most since
Another Month, Another Discouraging Read On American Manufacturing
US manufacturing activity contracted again last month amid subdued hiring and pervasive upward pressure on
A Quarter To Remember
Here’s hoping you bought the dip. US equities on Monday closed out Q2 with a
By Now, Trump’s Probably Right About Rates
In my macro preview for this week, I suggested Jerome Powell might be facing a
Scott’s Dilemma
“Well, wha– why would we do that?” Scott Bessent wondered on Monday, when Donald Trump’s
DJT Doesn’t Like DSTs
Late last week, Donald Trump did his best to spoil the party on Wall Street
BIS Not On The Trump Train
“Blah, blah, blah.” That’s what Donald Trump heard when he read the latest annual report
No Kings Week
It’s another holiday week in the US, where Americans will celebrate that fateful day when
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