As Trudeau Steps Aside, Trump Floats US-Canada Merger
The West’s rolling crisis of governance claimed another victim early this week, when Justin Trudeau
‘Welcome To Trump 2.0’: Dollar Whipsaw Is Preview Of Volatility To Come
“Fake news.” That was Donald Trump’s response on Monday to a Washington Post sources story
Burning Bonds
I’ve said it over and over again in recent days and weeks, and I’ll say
Modern Market Minsky Moments
How long does a given market theme have to last before it becomes structural? Put
Gambling Cues
The white collar crowd will grudgingly go back to the office this week across the
By The Grace Of God
I gotta say: I’m a little disappointed in House Republicans. Mike Johnson’s still House Speaker,
Liquidity’s Drying Up For Non-US Corporates
I talk (we, all of us, talk) a lot these days about US “exceptionalism.” Once
Factory Stagflation! (Blah, Blah, Blah.)
US manufacturing activity improved in December, but contracted nevertheless, while underlying measures of input prices
South Korea Reels
I keep saying this, but it bears repeating: If you’re going to institute military rule,
Options Show No Fear Of New Stock Melt-Up
They’re hedging downside, but nobody’s especially concerned about missing the boat on a prospective new
Musk World
Not a single day goes by when Elon Musk isn’t in the news for something.
7%. Again.
US mortgage rates: They’re high. Or “high,” with scare quotes. It depends on how old
The Shoe That Never Drops
If the question’s whether market participants cared about US jobless claims on Thursday, the answer’s
Will The Modern Market ‘Virtuous Cycle’ Resume In January?
Remember the post-December FOMC vol shock and correlation spike? If not, don’t fret. That was
2024, Signing Off
The final session of 2024 on Wall Street was, like the handful of sessions before
‘In Wind And Rain’
There’s good news out of China. No, seriously. Don’t laugh. Or do laugh, because when
US Home Price Gains Continue, But At Slower Rate
US home values continued to rise in October, data released on Tuesday showed. Prices rose
Where’s My Damn Santa Rally?
Someone check the stocks. They might be unplugged, like so many strands of Christmas lights
US Homebuyers Give Up On Lower Rates
Hope may not be a strategy, but giving up hope might be. So suggested the
Do You Believe In Miracles?
Do you believe in miracles? Maybe you should after this year on Wall Street. 2024
Cash: A Renaissance Tale
A few days ago, while summarizing and otherwise closing the book on another remarkable year
What’s Wrong With The Bonds?
I hope Scott Bessent’s paying attention. The US long end’s on track for its worst
Ring It In
Humanity will ring in a new year in the week ahead. Here’s hoping 2025’s every
King Dollar Reigned In 2024
Remember when Western sanctions on $300 billion of Russian reserve assets ushered in the dawn
Can China Weather The Tariff Storm?
Among the (many) pressing macro-market questions for 2025 asks if the Party in Beijing can
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