Today's topics include considerations when unwinding QE, rents on the rise, there is no alternative, bear market for Chinese stocks, the return to the office?, sizing up retail traders, more auto plant cutbacks, junk bond issuance, and minting millionaires
Ben Breitholtz: Fortunately, consumers’ search activity for going-out and staying-in topics has rebounded into August. Searches had peaked in late March and then troughed in June. Not (yet) seeing signs of a lasting, material slowdown in consumers’ intentions. Twitter: Carl Quintanilla @carlquintanilla JPMORGAN: “Chase card spending tracker ticks down through August 15 as travel and entertainment… Continue reading Bespoke Commentary from Bianco Research and Arbor Data Science – August 19th, 2021
With the delta variant surging across the country, we are beginning to see mobility data, specifically transit and the return to the office, show signs of declining.
Today's topics include FOMC minutes & taper talk, comparing U.S. inflation to other nations, global food inflation, earnings calls mentioning inflation, TIPS outperform, another record for the Fed's reverse repo facility, COIVD supply chain disruptions, politics & Powell's reappointment, and your daily dose of crypto news
Ben Breitholtz: FED’S BULLARD: AT THIS STAGE, THE TAPER IS ESSENTIALLY PRICED INTO MARKETS; SPECIFICS MATTER JUST A BIT AT THIS POINT. Jim Bianco: The Fed thought the same thing in the fall of 2018, then they actually announced the taper on December 19, 2018 and markets fell apart. Two weeks later we got the… Continue reading Bespoke Commentary from Bianco Research and Arbor Data Science – August 18th, 2021
Foreigners added $130 billion in Treasury holdings in June. Who was buying?
Today's topics include Jackson Hole & inflation, is Cathie Woods's reign over?, cost of food hitting family dinners, warnings on corporate debt, Rosengren screaming for taper now, the wealth gap, on UK inflation slowing, and fossil fuel demand ticking up again
Jim Bianco: *U.S. RETAIL SALES DECREASED 1.1% IN JULY; EST. -0.3% Alex Malitas: Stagflation coming in..? Ben Breitholtz: Quite widespread weakness: This was the month of the Delta variant, so not surprising consumers pulled back a bit. Fortunately, consumers’ intentions to spend have rebounded into August. Jim Bianco: *U.S. RETAIL SALES DECREASED 1.1% IN JULY;… Continue reading Bespoke Commentary from Bianco Research and Arbor Data Science – August 17th, 2021
Today's topics include companies' cash on the sidelines, dry powder at private capital firms, breaking investors' of TINA & FOMO, commodities as an inflation hedge?, working from home, differing opinions on China, checking in on the delta variant, updating China's port congestion, and the hedge fund industry