Macro Battleship
Rising Rents Feed Inflation, While Lower Bond Yields Trip Up Cyclicals
The June US CPI data came in well above consensus while the July data, released last week, still shows CPI…
Do Bond Investors Know Something about the Virus We Don’t?
It is always easy to come up with ex post facto rationalizations of market action. But this writer has to…
Owning Bonds is a Losers Game in a World of Unorthodox Money Policies
The biggest risk to the pro-cyclical view has always been that the vaccines cease to be effective against the new…
The Asset Speculation Game is Far from Over
Base effects mean the real test of whether the pickup in inflation will prove transitory or not will only become…
Will China’s Crypto Crackdown Push Bitcoin into the Arms of the West?
This column discussed last week the intensifying Chinese crackdown on crypto assets which is viewed as the main reason for…
Bitcoins Energy Problem and China’s Crypto Crackdown
The Bitcoin price and the rest of the crypto universe has come under severe selling pressure ever since the announcement…
Investors Aren’t Worried About Inflation, Maybe They Should Be.
Despite the sell-off in cyclical stocks triggered by the Federal Reserve meeting last week, the MSCI World Growth Index has…
Do Banks Hold the Key to Higher Inflation?
It is interesting that FAANG stocks still look like they have peaked out against the S&P500 despite the fantastic earnings…
Only One Thing Can Derail the Post-COVID Stock Recovery
Watching inflation expectations remains key for investors even as the Federal Reserve has remained predictably doveish. The Fed’s continuing easy…