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The 'Everything Rally' May Be Over - And That's A Good Thing

The ‘Everything Rally’ May Be Over – And That’s A Good Thing

This week may have marked the end of the vaunted “everything rally”, and that wouldn’t necessarily be a negative development.

In the US, equities of course pressed to new highs, helped along by Jerome Powell’s testimony on Capitol Hill, where the Fed chair essentially confirmed that a July rate cut is, in fact, the base case.

Of course, markets priced in a 25bp cut long ago, and that’s precisely…

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This Is A Crucial Moment In Market History

This Is A Crucial Moment In Market History

“While it would be unfair to say that either the Fed or the market is clueless, no one is sure whether we are facing the definitive downswing in the current economic cycle, or another mini-pause.”

That’s from a short Friday note by SocGen’s Kit Juckes, who was weighing in on Paul Tudor Jones’s suggestion that stocks should be bought here ahead of the first Fed cut.

The notion that everyone is…

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Market Update: Sovereign Wealth Funds And Volatility By OpenMarkets Jack Bouroudjian explains how sovereign wealth funds are affecting recent market volatility. The top ten funds represent $10 trillion in global market value, and the re-weighting of the MSCI Index could have major implications.

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A Closer Look At Debt And The Economy

A Closer Look At Debt And The Economy

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Keeping Bonds As A Buffer

Keeping Bonds As A Buffer

Last year was unusual: U.S. equities and 10-year Treasuries both finished down, as heightened economic and geopolitical uncertainty and expectations for higher short-term rates drove markets. We see growth as the key market driver in 2019. This suggests Treasuries may offer more diversification benefits as a buffer to bouts of equity weakness.

Chart of the week Correlation between U.S. equity and…

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You Can’t Debunk MMT Back in 2010, I came across Modern Monetary Theory (MMT) for the first time and found it somewhat appealing.

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Every Bubble Is In Search Of A Pin

Every Bubble Is In Search Of A Pin

Now that the world’s central banking cartel is taking a long-overdue pause from printing money and handing it to the wealthy elite, the collection of asset price bubbles nested within the Everything Bubble are starting to burst.

The cartel (especially the ECB and the Fed) is hoping it can gently deflate these bubbles it created, but that’s a fantasy. Bubbles always burst badly; it’s their nature…

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U.S. Equity Leadership: 3 Key Trends To Watch

U.S. Equity Leadership: 3 Key Trends To Watch

By Alec Young, managing director, global markets research

The yawning gap between US and international equity performance that has been building since 2011 persists unabated. Through mid-September, the Russell 1000 Index has generated a year-to-date total return of 9.6% compared to a 4.4% decline for the FTSE All-World ex US Index and a 10.1% decline for the FTSE Emerging Index (in USD).

In…

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