The two-year versus 10-year Treasury spread narrowed 20 bps this week, the largest narrowing since the banking crisis week of March 17th. Ten-year Treasury [...]
Please join Doug Noland and David McAlvany this coming Thursday, August 3rd, at 4:00 pm Eastern/ 2:00 pm Mountain time for the Tactical Short Q2 recap [...]
Markets assume that a 25 bps rate increase at the FOMC’s meeting next Wednesday will wrap up the Fed’s tightening cycle. The rates market is pricing in [...]
I might have titled this week’s CBB “Wednesday.” But even I will (on occasion) draw a line on quirkiness. Wednesday was another extraordinary market [...]
Wednesday, July 5, 2023: ISI’s Ed Hyman speaking on Bloomberg Television: “Inflation is coming down around the world. They just reported this morning the [...]
For the Week: The S&P500 gained 2.3% (up 15.9% y-t-d), and the Dow rose 2.0% (up 3.8%). The Utilities increased 0.5% (down 8.1%). The Banks rallied 3.4% [...]
For the most part, things seem to look and feel as they did during the old cycle. Loose financial conditions persist, and securities markets remain energized. [...]
Remember early in the Fed’s tightening cycle, when Chair Powell would invoke the legacy of Paul Volcker? And there were press conferences where “financial [...]
Not surprisingly, considering the March banking crisis, Non-Financial Debt (NFD) growth was tepid for the second straight quarter. At a 3.50% rate, Q1 NFD [...]
It’s not a close call. If the Fed “Skips” policy tightening at the June 14th FOMC meeting, it will be yet another big policy mistake. The long string of [...]
We have no reason to expect markets to function normally. So many facets of today’s environment are unique. For one, a once-in-a-century global pandemic [...]
“Growing Debt Ceiling Deal Hopes Send Stocks Higher.” The S&P500 gained 1.6% this week, pushing the index to a nine-month high. The Nasdaq100’s 3.5% [...]
