Today's topics include more commentary on Miran's policy perspective, a calm equity rally since April, more details on the breakeven jobs rate, bubble risk (not yet), S&P 500 concentration, Swiss central bank rate, the Fed can't fix the housing market, and auto delinquency concerns after Tricolor's bust
Today's topics include hawkish Fed officials pushing back against additional cuts..., ...and then there is Miran, watching for signs of liquidity drying up, the OECD updates its growth & tariff estimates, cash on the sidelines, quantifying the impact of AI on S&P 500 companies, and the cost of the American dream
Despite Stephen Miran's claims to the contrary, there is evidence that tariff-induced goods inflation is underway even as services inflation is falling. The Fed is taking a risk by ignoring it and cutting rates.
The Commitments of Traders report enables investors to track changes in positions among various groups of traders/investors.
Today's topics include how many rate cuts?, the Fed's dual mandate is under pressure, BofA takes a guess on naming the Fed's dots, there are many different ways to measure inflation, the Fed's focus on the labor market, some perspective on AI spending, the dollar's tough year, buying the belly of the curve, Meredith Whitney on the housing market, and the return to the office remains stalled
Today's topics include will there be more cuts in 2025?, earnings expectations, leading indicators are not working, margin debt levels, mag 7 bubble, foreign Treasury holdings, record corporate spreads, a shift in Japanese central bank policy, and AI & young employment
Today's topics include will there be more cuts in 2025?, earnings expectations, leading indicators are not working, margin debt levels, mag 7 bubble, foreign Treasury holdings, record corporate spreads, a shift in Japanese central bank policy, and AI & young employment
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period.