In New Zealand, A Moment Of Truth
With the caveat that I’ve never conducted any sort of systematic demographic analysis of my
Behind The Scenes Of Last Month’s Snapback Stock Rally
Market narration over the past month (and, really, over the past year) has revolved primarily
$5 Trillion Money Market ‘Bubble’ Spotlights Fed’s $2 Trillion RRP Garage
Last week, I suggested the Fed is attempting a difficult tightrope act with regard to
A Tale Of Two Services Surveys
The US services sector put on the brakes last month. Or sped up. It depends
‘The Beam Of Democracy’
Emmanuel Macron was in China Wednesday visiting Xi Jinping. Tsai Ing-wen was in Los Angeles
As Hiring Slows, US Jobs Concentrated In Small Firms, Services
US private sector employers added 145,000 jobs in March, ADP said Wednesday. That was well
‘Peak Pain’ From Fed Hikes Still ‘A Few Quarters’ Away, One Bank Says
“Peak pain” for the US economy from the most aggressive rate-hiking cycle in a generation
Arraignment Day
“Will you come speak to us?” a reporter called out, as Donald Trump left the
‘More NATO’: Finland Accession Is Own Goal For Kremlin
Part and parcel of Vladimir Putin’s efforts to spin his war of conquest in Ukraine
A ‘Shocked’ Albert Edwards Asks: ‘Is Capitalism Dead?’
SocGen’s Albert Edwards has seen a lot over four decades in finance. As such, he
Soft Landing Hope Floats In Multi-Sigma JOLTS Miss
At long last, US job openings printed a sizable downside surprise versus consensus. Openings as
McElligott On Where We Are As Q2 Gets Underway
It can be a challenge to crystallize, and otherwise make sense of, cross-asset price action
Jamie Dimon Delivers Annual World Review
Jamie Dimon and the modest bank he runs have a new corporate purpose. JPMorgan will
Kolanovic: Stock Rally ‘Makes Little Sense For Rational Investors’
JPMorgan’s Marko Kolanovic worries investors are exhibiting signs of irrationality. “For a rational investor, we
Weak Breadth, Broadly Expensive: Stocks See Worst Of Both Worlds
It’s been tempting recently to write off or otherwise dismiss stock buoyancy as the product
Ungrateful Dollar Users Should Be Careful What They Wish For
I’ll confess to being a bit vexed by the idea that the US is expected
One More Time: It’s Not QE
It isn’t QE. “It” is a reference to the latest increase in the Fed’s balance
Cartel Business
OPEC+ managed to engineer a modest spike in crude prices after blindsiding markets with a
Manufacturing Contraction — The Good Kind
If you were looking for a dovish macro print to support any “last hike” hopes
Do US Stocks Have A Demand Problem?
If a string of US bank failures and the near collapse of Credit Suisse were
OPEC+ Shocks With Surprise Output Cut At Delicate Juncture
I’m always amused by references to “assurances” from OPEC or, more recently, OPEC+. OPEC is,
Good News, Bad Banks And The Dollar
The dollar is coming off its worst month since November, when a cooler-than-expected CPI report
With Banks ‘Stable,’ Traders Look To US Jobs Report
With the US banking system in stable condition thanks to a $150 billion per week
Credit Monitor: Bank Drama Dents IG Supply, But Returns Recover
Thanks to high drama in the financial sector, US investment grade supply was lower than
Deposit Flight And More Fed Hubris
If only it weren’t stale. Admittedly, I had a hard time getting excited about the
Goldman Sees No 2023 Upside For Stocks Despite Likely Fed Pause
Fed officials would prefer it if you’d countenance another 25bps rate hike — one for
‘Systemically Important Tech’ Caps Blockbuster Quarter
Earlier this week, I penned an obligatory nod to the new “bull market” in big-cap
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