A MIXED DAY
Equities were mixed. Technology was modestly lower while the industrials modestly higher. The inflation debate is front and center. In my view this is one of the few times the ...
18 May, 2021
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PERHAPS THE ULTIMATE QUESTION OF THE DAY…IS IT DIFFERENT THIS TIME?
It is said the most dangerous phrase in the markets is “it is different this time.” As widely discussed, inflationary expectations are at the highest level since 2006. Household inflation is ...
17 May, 2021
PPI IS THE GREATEST SINCE 2010
The PPI rose in April by more than forecast, adding to signs of a growing wave of inflationary pressure that’s extending to American consumers. The data was the strongest since 2010 but ...
14 May, 2021
APRIL’S CORE CPI ROSE BY THE GREATEST AMOUNT SINCE 1982 CHALLENGING THE TRANSITORY NARRATIVE
April’s CPI greatly exceeded estimates by all dimensions. The core CPI, which excludes food and energy, surged by 0.9% versus a 0.3% estimate. The surge was ...
13 May, 2021
SOME RECENT BLOOMBERG HEADLINES/COMMENTS
Are the markets coming to realization of the President’s agenda? Recent comments and headlines on Bloomberg read:...
30 April, 2021
NO SURPRISES FROM THE FED MEETING
The outcome of the Fed meeting was largely as expected. The Committee strengthened their assessment of the economy and signaled that risks have diminished while leaving the key interest rate near zero and ...
29 April, 2021
WILL THE FED COMMENT ABOUT POSSIBLE CHANGES TO THE TAX CODE?
Earlier last week I referenced IRS data stating that 65% of people earning over $500,000 were self-identified as Democrats. Since Thursday’s proposal of increasing the capital gains tax to over 43%, I have observed a...
28 April, 2021
AN EQUITY REBOUND AND OBSERVATIONS SURROUNDING SALT
Equities led by companies that stand to benefit the most from an economic revival rebounded. Similar to the prior two days, there was no specific catalyst....
22 April, 2021
ANOTHER RELATIVELY QUIET DAY
Last week I commented about a possible short cover rally in the Treasury market, perhaps a reason why yields dropped about 10 basis points in quick order. JP Morgan wrote yesterday that ...
21 April, 2021
A QUIET DAY
Led by technologies, equities declined. There was no major catalyst other than the generic concerns…earnings, valuations, COVID, inflation fears. Similar to the two week advance in Treasuries, an advance which ...
20 April, 2021