Tag: risk assets

This Bear Market Rally Is Overdone

This Bear Market Rally Is Overdone

This bear market rally feels more driven by FOMO than the fundamentals. What is there to get so excited about as to justify this rally off of the June lows? Inflation: Is the fact that headline CPI slowed to 8.5% from 9.1% really anything to write home about? Core CPI plus Food was up 1.4% … Continue reading This Bear Market Rally Is Overdone

QT Has Only Just Begun

QT Has Only Just Begun

The Fed's balance sheet declined modestly ending the week at $8.91 trillion, down from $8.93 trillion and up from $8.76 trillion at the beginning of the calendar year and up from $4.17 trillion in January 2020 (just before the unprecedented fiscal and monetary stimulus programs of 2020 and 2021). As we wrote on Tuesday, the … Continue reading QT Has Only Just Begun