Another week, another reason to worry. Macro Man is beginning to feel like the teacher in the old Charlie Brown television specials: an ann...
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Blah
In Curb Your Enthusiasm , Larry David often finds himself in trouble when he shrugs his shoulders and makes a noncomital noise when asked hi...
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Freaky Friday?
Will today be a Freaky Friday? Markets feel nervous, though far from panicky. Today's US GDP release could be a catalyst for a bit more ...
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A creative solution to a problem that doesn't exist
Macro Man’s email box has been polluted on several occasions recently with solicitations for and explanations of a range of “exciting new fi...
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Brazilian real fair value
Well, the champagne corks have popped. Of course, it was equity people doing most the partying, as the Dow Jones (why does anyone follow th...
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Beavering away
Macro Man has the champagne on ice, reading to pop the cork when, as seems inevitable, EUR/USD makes a new post-1999 high. Perhaps another r...
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Going bananas
Markets feel strangely nervous today, and it's hard to pinpoint why. Sure, Target admitted that they'll miss their April sales forec...
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Beta investing in EM
It’s been a fairly dull start to the morning, with equities slightly lower, bonds slightly higher, and EUR/JPY down about half a percent. N...
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Slow motion crisis redux
The ancillary implication of the slow motion crisis is that European firms are probably in better shape with the euro here than previously. ...
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A slow-motion crisis
Have you got your bottle of champagne of ice? Or, if you live in the United States, your bottle of California sparkling wine, since true ch...
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Shanghai'ed
Macro Man’s yen concerns proved to be sadly prophetic yesterday, as the JPY has rallied strongly overnight before he could take remedial act...
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When the facts change....
“When the facts change, I change my mind. What do you do, sir?” - John Maynard Keynes The...
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Some stag, not much (core) flation
Taken at face value, today's US data hasn't done too much to threaten the market's view of a stagflationary outcome fo the US ec...
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UK CPI shocker
The major financial news of the day is that UK CPI printed a surprisingly high 3.1% y/y this morning, forcing Mervyn King to write a letter ...
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An Open Letter to the IMF
Dear IMF: SORT IT OUT!!! Sincerely, Macro Man Now, today's open letter was written tongue-in-cheek: but only just. The drumbeat of tit-...
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What the hell is China playing at?
Yesterday, Macro Man wrote that he had a bigger beef with China’s FX reserve policies than he did with the level of the RMB per se. Now, t...
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Is it starting?
Hmmm... Relatively hawkish Fed minutes, and EUR/USD is 40 pips higher than when London went home yesterday, with rumours abounding that the ...
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The Rule of Four Point Two
Macro Man has largely stayed away from currencies recently. Not only has the FX carry component of the beta plus portfolio been neutral fo...
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Heating up
The week has heated up a bit, with plenty of data points to digest. In no particular order, the following items are catching Macro Man’s ey...
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Pretty good
Insofar as it can be trusted (i.e., not very), today's employment situation report in the US was pretty good all round. Thus far, the b...
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Payroll roulette
Time to put it all on black and spin the wheel. Yes, it's payroll day again today, with the added kicker that there is zero liquidity ...
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Black jelly beans
Easter was one of Macro Man's favorite times of year as a boy, and he can still remember the pleasure that he used to feel as the holida...
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Why have European equities outperformed?
The market’s risky asset love-in has seemingly reached fever pitch, as the travails of late February and early March appear to be little mor...
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