Visible Hands
Donald Trump can’t help himself. He has to escalate. I’d call it a compulsion, but
Alice In Deutschland
Hotly-anticipated German election results offered few surprises if the ballot offered any at all. As
Don’t Call It A Ceasefire
I shouldn’t have to say this, but the Kremlin can’t be trusted to honor any
46 Long Months
Is the Fed’s inflation goal actually achievable in the post-pandemic macro reality, defined as it
Duck, Duck, Goose Step
This was “the week that shook Europe,” according to Guardian chief Katharine Viner, who on Saturday
Fed Hit With ‘Anything But That’ Moment In 30-Year High Inflation Expectations
While previewing this week’s sparse US macro releases, I casually noted that the final read
Biggest Home Sales Drop In Years Caps Dreadful US Data
Friday wasn’t a good day for US macro data. In addition to the worst update
US Services Sector Crashes Into Contraction As Upbeat Mood ‘Evaporates’
Don’t look now, but activity in the biggest part of the world’s largest economy just
Chinese Tech Rally Goes Vertical
Laugh. Because it’s funny. When Chinese stocks get cookin,’ they tend to rally on a
It All Comes Back To The Dollar
What’s the proximate cause of America’s “losing” ways when it comes to international commerce, to
Broken Clocks And Minor Miracles
SocGen’s Albert Edwards sees something concerning in equities. Of course, you could say that every
Head Games And A Compromised US President
I’d be remiss — which in this case means wholly derelict in my capacity as
Scott Knows What You Wanna Hear
Scott Bessent gets it. I mean, not the part about it being a potentially bad
What If There’s A Depression?
Nobody expects a recession. Ok, that’s not true. Let me rephrase: Almost nobody sees a
No More Cuts?
The Fed’s on hold. The Fed’s on hold. The Fed’s on hold. Is the message
Everyone’s In The Pool. But No Splash Yet
Late last week, Goldman’s Scott Rubner cautioned that “everyone’s in the pool.” By that he
Tariffs Are Latest Challenge For Tortured US Housing Market
Average mortgage rates in the US are the lowest this year, but would-be homeowners aren’t
DOGE: Shut It Down Before It’s Too Damn Late
To survey the macro-market news landscape mid-week is just to collect and arrange stories about
‘US Exceptionalism’ Sidelined In Abrupt Investor Zeitgeist Shift
A couple of days ago, while editorializing around the largest net inflow to European equity
Record-Low Cash Levels Scream ‘Sell!’
Don’t look now, but cash levels among professional money managers just ticked a 15-year low
It’s Not ‘Tough Love’ If He Hates You
Donald Trump’s decision to cut Brussels and Kyiv out of tentative Ukraine settlement talks unfolding
‘About Us, Without Us’
Donald Trump has a… let’s call it “complicated” relationship with Volodymyr Zelensky’s Ukraine. Trump’s a
Gold’s Best Rally In Years Puts ‘Fringe Idea’ In Trump’s Lap
Gold. What can you say about it? It looks like the sun. So… maybe it’s
China’s Tech Moguls Got Sent For
Xi Jinping unironically promised to remove “all kinds of obstacles” to private enterprises during his
All Quiet On The Macro Front?
It’ll be a slow week in the US, or at least for macro watchers. The
‘Trump 2.0’: Corr 1 Shock Or Stock-Picker’s Paradise?
Since 2023, we’ve lived in a micro-driven market, which is to say if you decompose
America’s Betrayal Of Ukraine Is An Existential Gamble
Call me an alarmist if you must, but I’m not sure Donald Trump and his
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