Summary The 4% correction in the S&P 500 seen in August creates opportunities for bearish investors to hedge at relatively-low […] To access this content please upgrade to another membership
Summary Equity valuations are now reacting negatively to higher real interest rates since the beginning of August, after ignoring them […] To access this content please upgrade to another membership
Summary One of the key divergences in macro today is that between a surging stock market and a contraction in […] To access this content please upgrade to another membership
Summary Amidst waning inflation, bond market volatility (MOVE) remains very elevated relative to that in equities (VIX), an indication that […] To access this content please upgrade to another membership
Summary Concerns around bank liquidity and solvency that sprung up in March have been mitigated by government backstops that included […] To access this content please upgrade to another membership
Summary The negative impulse on S&P 500 earnings due to housing weakness is waning, as the pace of rate hikes […] To access this content please upgrade to another membership
Summary Investors have frontrunned a Fed pause this year, with the S&P 500’s forward-P/E rising by close to 14% in […] To access this content please upgrade to another membership
Summary The Fed is confident that a higher-for-longer regime won’t lead the economy into recession. We believe they’re underestimating the […] To access this content please upgrade to another membership
Here is today’s premium video. Since this video was filmed, we heard some interesting comments from Jerome Powell during the […] To access this content please upgrade to another membership
Summary The rise in stocks of late looks out of place with that in interest rates, as the optimism around […] To access this content please upgrade to another membership
