Stock Market Gives Trump Historic Thumbs Down
I love it. I absolutely love it. Wait, that’s not true. And even if it
‘Sell America’: The New Global Consensus
How quickly things change. In January, “US exceptionalism” was the undisputed macro-market consensus. Fast forward
The Problem With ‘Big Move’ Days
I’ll keep this one short, but I did want to mention April 21’s Wall Street
Foreigners With $26 Trillion Of US Assets Fear ‘Institutional Erosion’
This goes without saying — or at least it should — but valuation effects account
Biggest Loser
Boy, the jokes just write themselves, don’t they? The Dow was down more than 1,000
Damn It Feels Good To Be A Gangster
Well, at least folks have (by and large) stopped dancing around it: We’re in uncharted
Beleaguered Dollar Hit Again On Trump’s Powell Threat
If Donald Trump wanted a weaker dollar, undermining faith in US assets, and particularly threatening
In The Dark Shadow Of A White House
Finance chiefs, central bankers and a veritable who’s who of the macro universe will gather
Tortillas And The Constitutional Crisis
The Supreme Court on Saturday halted, briefly or not, Donald Trump’s mass deportation effort, or
How The Supreme Court Could Trigger A Financial Meltdown
I hope — really I do — that markets aren’t forced to grapple this year
Up Ship Creek
If you want to disrupt a foreign shipping monopoly or otherwise reclaim lost commercial maritime
Why Good News May Not Be Enough To Make Stocks Rally Again
What if we get good news? On tariffs or, say, on Mag7 earnings. We know
Slow Bleed
If it feels to you like equities are stuck in the mud after weeks of
New Construction Plunges With $120K Incomes Needed For ‘Typical’ Home
New construction activity plummeted in the US last month, for whatever that’s worth to you.
ECB Cuts Again As Trade War Supplants Inflation As Top Concern
The ECB cut rates on Thursday, as expected. In the new statement, the Governing Council
Grounds For ‘Termination’
Never a dull moment. Among Donald Trump’s first orders of business on Thursday was menacing
Powell Says Tariffs Push Fed ‘Away From’ Goals. Reasserts Independence
Jerome Powell said words on Wednesday afternoon. Some of them were meaningful. The Trump administration’s
Tariffs Hit US Housing As Rates Soar, Builders Sour
I suppose this goes without saying, but just in case: US mortgage rates rose dramatically
Export Controls And The R&D Question
I suppose you could say I’m sympathetic to export controls aimed at curbing Xi Jinping’s
Brave Face
Not that it matters now, and with the caveat that the deflator was negative again,
US Retail Sales Hold Up As Americans Rush To Beat Tariffs
Good news: US retail sales held up last month despite deteriorating consumer sentiment. Bad news:
Risk Tolerance Evaporates With Liquidity
Liquidity. It’s topical. Because it’s impaired. That’s the thing about liquidity: When it’s in the
Waiting For A Call
“There’s no difference between China and any other country except they are much larger.” That’s
Love It Or Leave It? Investors Are Choosing The Latter
“Love it or leave it,” as the old saying goes. Increasingly, investors are choosing the
The Trump Effect: Global Growth Expectations Crash To 30-Year Low
It’s funny: The people driven most crazy by Donald Trump aren’t Trump’s detractors. Rather, the
BofA, Citi Wrap Up Another Quarter Of ‘God’s Work’
Big bank results have come and gone, and things went pretty well all things considered.
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