“A Permanent Output Loss”: One Bank Quantifies Likely Damage From Trump’s Trade Pissing Contests
A pervasive theme here at the Heisenberg Report is that Donald Trump’s determination to start
Sorry Mr. Trump, History Says Twitter Tantrums Won’t “Make America Great Again”
Let’s try, for now, to ignore how completely insane it is that the incoming President of the United States was up before dawn this morning tweeting about the relative merits of Meryl Streep’s acting skills and swearing that he didn’t intentionally make fun of a reporter for being disabled…
Monday Chart Check (Who Needs Liquidity Edition)
“Many market participants have argued that regulations such as the Supplementary Leverage Ratio (SLR) have made repurchase agreements (repos) more expensive for dealers, and that this in turn has hurt liquidity in the cash Treasury market.”
May Need To Ban Cash To Stop People From Getting Robbed At Night, Denmark Says
“A person will not have their entire life destroyed because someone has held a gun or a knife to their head.â€
Everything Is Fixed: Distressed Opportunities In HY Energy Magically Disappear
Now look, I know higher oil prices are welcome news for HY, but let’s not
Daily Kickstart (Currency Chaos Edition)
The pound gets pounded while the RMB remains volatile. The offshore yuan posted its largest two-day decline since last summer.
Sunday Chart Check (Who Wants To Be A Contrarian Edition)
Would you go against this grain?
Sunday Chart Check (Shock Absorber Edition)
One of the biggest stories of the past two months has been the sharp repricing
Blockbuster: Corporate, Bank Debt Sales Break Records In Busy First Week
How anxious are corporate management teams to get out ahead of Donald Trump’s inauguration? Very.
“Investors Focused On Tweets”: Trump Twitter Feed Now Market’s Main Catalyst
I’ve talked quite a bit lately about how surreal it is that we live (and
China Puts “Mr. Chen” Out Of Business
Capital flight from China is a hot topic these days. Indeed, this week’s overnight news
How Expensive Is The S&P 500?
The path to $130 is paved with pro forma gold and tax breaks.
Define Irony: Analysts Who Overestimated Stock Returns By 10% See 10% Gain Ahead For Very Same Stocks
As I think I’ve made abundantly clear by now, you should take analysts’ “projections” with a grain
Your Complete Guide To Trump’s “Contract” With Voters
As Boeing, Lockheed Martin, GM, Toyota, Honda, Mazda, and Nissan have recently discovered, Donald Trump
Why Chinese Banks Are Especially Vulnerable To Higher Funding Costs
Those of us who think it’s important to track developments in China’s economy and financial
Another Saturday In Bizzaro World
We’re living in a Salvador Dali painting…
What Worked In 2016
Spoiler alert: everything.
Will The Hubris Of Liberal Elites “Give Way To A Global Meltdown”?
“In Greek tragedy, hubris inevitably leads to catastrophe. Many fear that we are now enacting just such a tragedy, with the hubris of liberal western elites giving way to global meltdown.”
Albert Edwards Wants To Know Why No One Gives A Sh*t About China Anymore
“Global markets really couldnÂ’’t seem to give a toss about events in China. Yet they should.”
Bill Gross Agrees: Trump Is A Lot Like Mussolini
Thanks Bill, for your tacit endorsement…
Wall Street Reacts To “Mixed” Jobs Report
So this morning’s jobs data was, well, not very exciting. The headline print missed expectations
“Walking The Talk”: Trump To Adopt “Strident” Approach To Trade
Whatever you do, don’t confuse the “Trump trade” with “trade under Trump.” The “Trump trade” simply
Dec. Jobs Data Misses, Unemployment Rate Ticks Higher, Wages Rise
Normally, you’d probably want to focus first and foremost on how markets respond. Especially rates
Spot The Bid…
Better hope that repatriation holiday works out.
“Traders Get Religion When They’re Making Money”
How important is Friday’s NFP print? Well, probably not that important. Or at least it wouldn’t
Daily Kickstart (Jobs Edition)
Overnight I quoted Goldman on the way to explaining why a short yuan bias was
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