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Does the world need another podcast? No. But if you want to hear me, Rodrigo Gordillo, Adam Butler and Mike Philbrick chop it up about return stacking once a month, check out the new Get Stacked podcast. (📬 Feel free to send questions in) youtube.com/watch?v=DEkRxo…

Missed this, glad ʎllǝuuop ʇuǝɹq flagged in his newsletter. Interesting arguments from Charles St-Arnaud on why the Canadian dollar hasn’t been very petrocurrency-y. (really like Fig 6) albertacentral.com/intelligence-c…

Warren Pies 💯 Agreed, but should they keep rates stuck at 5.5% just because of OER? Going to take a looong time, a lot of pain in the labor market, and a lot of disinflation outside of imputed owner rents to get inflation back to 2%.

Here is my article on what QE is what it did Spoiler: not much macroisdead.com/p/the-only-thi…

Dollar & yields up on less dovish Fed speak today. Markets starting to reassess bets on rapid rate cuts? Historically, the Fed has moved way slower in soft landings.

Dannys tweet in a chart:

Markets have been all of the place in this cycle. Wouldn't be surprised if the rapid pace of cuts priced in will be moderated soon..

To all the high-yield bears, US net leverage has fallen significantly since the pandemic and is well below the 10y range.

Past evidence suggests that this should be about it for the 10y in the case of a soft landing. But who knows, the Fed put is back ATM..

Another strong year for leveraged credit.

Some pretty ugly details beneath the surface in the UMich survey today.

A US slowdown isn't remotely priced into stocks

Underlying inflation in Japan doesn't look sustainable at these levels given the rally in the yen and the slack in the economy.

"The appetite for US assets from foreigners remains depressed, according to our ETF flow tracker." Daniel von Ahlen GlobalData.TSLombard

US labour market surprises back in negative territory

EUR/USD performance consistent with previous EU policy announcements

EM local rates outperforming massively