Today's topics include Macrovoices, more higher-for-longer Fedspeak, higher yields are a headwind for stocks, spending shift?, three years to get to 2%, CRE hurting pensions, debt squeeze, currency stresses, home prices, and investing in India... Read More
Today's topics include why aren't higher rates causing more pain?, Dudley thinks R* has shifted much higher, checking in on rate cut hopes, lots of issuance for the market to soak up in June, treasury seasonality, Fedspeak, monetary policy decoupling, and stock market concentration... Read More
Today's topics include Rogoff warns central banks must fight political pressures to keep inflation at bay, QT-induced liquidity concerns for the BoE?, more on volatility, poking holes in the idea of diversifying away from the dollar, ARMs still make up roughly a quarter of U.S. mortgages by dollar value, Mag Seven make up 21% of hedge funds' single stock exposure, higher rates hurting private equity, and Blackrock tops Grayscale for biggest bitcoin ETF... Read More
Today's topics include rate cuts are perpetually several months away in U.S., inflation's relationship with valuations, interpreting an inverted yield curve, volatility remains low, investment grade outlook, the wealth effect, wealth by generation, and the potential problems posed by T+1 settlement... Read More
Today's topics include rising yields, Nvidia is the stock market, the risks of the ECB cutting before the Fed, the problems with diversifying away from western currencies, stretched valuations, demographic headwinds, stock gains boil down to a few days each year, and ETH ETFs approved... Read More
Today's topics include Timiraos on the Fed minutes, U.S. vs EU monetary policy, gas prices, looking at the standard 60/40 split in a different light, the yen's new line in the sand, stocks vs. corporates, checking in on global shipping chokepoints, ETH ETF news could come around the close today, and now that's a fat finger trade.... Read More
Today's topics include talkin' markets, the bond market is comatose, Fed signalling, why have economists been so wrong?, Nvidia's big day, shadow banking, junk bonds showing no signs of worry, dollar strength, predictions in the current environment are difficult, Japanese bond yields hit 11-year high, and Gundlach calling for recession... Read More
Today's topics include the discount window's stigma, when flows do not follow performance: gold edition, forecasting year-end stock gains, supply chain problems remain, rents remain unaffordable, the rising costs of food, buy now pay later, all eyes on Nvidia's earnings tomorrow after the close, demographics & investing, and spot ETH ETFs getting the green light?... Read More
Today's topics include high rates not stopping risk-taking, time to buy bonds?, the history behind the Fed's 2% inflation target, differing opinions on housing inflation, a reminder that financial conditions remain loose, the European workweek, concerns over U.S. finances, the transition to t+1 settlement, and your daily dose of meme stock stories... Read More
Today's topics include a rising tide lifts all boats, a look at the dow as it crosses 40k, Secretary Yellen & debt management, stock returns during different presidencies, updating households' purchasing power, bonds' rough start to the year, Fed officials play the waiting game, a startup boom, and China's attempt to fix property market... Read More
Today's topics include more on yesterday's inflation data, hard vs. soft economic data, the case for a soft landing, startup boom in the US, the problem with propping up a currency, warnings over debt levels in US & EU, the retail crowd's forecasting record, the dollar, China continues to diversify away from dollar, and who owns the bitcoin ETFs?... Read More
Today's topics include more confirmation of higher for longer, private equity activity surged in Q1, household debt, meme stocks return, on buying assets with sticky inflation, gasoline demand, more surprise BoJ moves, and China's attempts to save property market... Read More
Today's topics include previewing tomorrow's CPI report, beaten by randomness, declining survey response rates, here we go again with memestocks, who needs memestocks when cocoa prices are swinging wildly, lengthening a mortgage for affordability, and Blackrock catching up to Grayscale for bitcoin crown... Read More
Today's topics include all eyes on CPI this week, higher forever?, demand remains high for U.S. debt, a look at maturity walls, small businesses feeling inflation's pinch, the effects of a strong dollar, could the ECB cut before the Fed?, late-cycle indicators, all quiet on the volatility front, rents are a thorn in the Fed's side, and oil demand... Read More
Today's topics include total return is not dead, QT concerns, Fed officials highlight inflation uncertainty, corporate bond outperformance, dollar strength, summer gas demand key for consumer spending, Dow Jones versus S&P 500, higher bank revenues on volatility, BoE on path to cut rates in June, and is China's outlook more positive?... Read More
Today's topics include additional measures to watch for signs of liquidity stress, the stock market can survive high rates, stocks for the long run, grading Fed communication, the VIX is not abnormally low given stock prices, underwater mortgages, corporate buybacks on the rise, and delinquencies... Read More
Today's topics include America's debt problem, Kashkari on neutral, the 10% recession rule, checking in on the pandemic-era winners, more on Gross's declaration that bond funds are dead, inflation is really bad when new currency denominations must be printed, how will the BoJ unwind its stock holdings?, and stocks & commodities moving in tandem... Read More
Today's topics include yields finally play a role in total return, cash is king, Fedspeak = back to long & variable lags, the composition of Treasury borrowing, homeownership remains elusive for renters, global trade set to rebound, and electronic market making in fixed income... Read More
Today's topics include Timiraos reacts to Friday's jobs number, is Friday's weak jobs number enough for the Fed?, advocating for patience at the Fed, shipping issues & goods inflation, tracking catalysts that could shake markets, retail speculation ramps up, food inflation, getting Treasury debt management wrong, and groupthink at the Fed... Read More
Today's topics include coming treasury supply needs buyers, the 2% target, downside protection, a two-track U.S. economy, global synchronous central bank pause, money market assets back at $6T, bond vol to remain high, tracking Japanese intervention, politics & supply chains, and home equity loan reforms... Read More