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The Dollar's Structural Bid Is Fading
The Index Has Recovered. The Buyers Underneath It Have Not.
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The Warsh Regime Meets Day 130
A Fed that refuses to guide runs headlong into a Hormuz supply shock, and the market must price both at once.
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The Emerging Market Rally Has a Selection Problem
Korea Is Doing the Work. China, India, and Indonesia Are Not Along for the Ride
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What Credit Is Saying That Equity Isn't Hearing
The Headline Spread Looks Calm. The Plumbing Underneath It Does Not.
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The Private Credit Machine Is Cracking Where No One Is Looking
Apollo's Q2 Redemption Requests Nearly Doubled Q1's. The KBRA Default Index Just Matched Its All-Time High. The Reckoning Everyone Called Six Months Ago Is Now Compounding.
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The Quiet Unwind: EEM/XLK/Financials Reclaim Leadership, Defensive Extreme Fades, Fed Watch Looms
EEM/SPY +1.96% Leads; XLV/SPY -1.94% Worst Laggard; No Z-Scores Above |1.0|; JNK/GOVT Narrows +0.17%; FOMC Jul 29
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Jobs Cracked, Yields Climbed, Credit Stayed Calm
What happens when the Fed loses its labor argument but the bond market refuses to celebrate?
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Why I'm Sitting Down With Tuttle, Stansberry, and a Practicing Advisor on July 8
Forty years ago, Harry Browne wrote that an investor should not need to predict the next economic regime in order to survive it.