disaster

The new normal We are in the middle of a grand social experiment. That's the overriding thought I had this morning as I looked out my bathroom window on the empty streets below. Some of the longer-term impacts of this experiment are clear -…

I think the title of this post lays out exactly what I intend to cover. It's all about the US economy and its vulnerability to a double dip recession due to the fiscal cliff and rising jobless claims. To cut to the chase, I haven't been…

The news flow is eliciting five themes for me right now. And I will dive into them briefly below. They are gold, the US dollar and rates, Europe, Covid-19 in the US and US fiscal stimulus. I am not going to take a hard view here. I simply…

The news flow this weekend was not particularly uplifting either here in the US or in Europe. Overall, the composite I get is one that dovetails with the downside risks I have outlined on both sides of the Atlantic - in the US it is…

Framing the economic path This is just a quick update on how I am thinking about the US economy. I am going to put this outside the paywall for once in order to update everyone. I'll put the run-up to today in a bullet point framework up…

This is my first time posting in a week. There was a combination of factors that kept me away from the newsletter like pressing work at Real Vision and a lack of revealing economic data flow. But, the biggest factor was the coronavirus news…

As I write this, I am waiting for the latest jobless claims data out of the US to be released. But, irrespective of what the data show, unfortunately we are seeing a W-shaped pattern to economic data. And that looks set to continue. Some…

I am back from the 4th of July weekend here in the US. I have a few new thoughts to share with you today. But, my overall macro view remains the same - namely that the US has recovered from recession but downside risks to the US economy and…

Very briefly here The jobs numbers coming out the US today are emblematic of the re-opening recovery that has fuelled the rally in US equity markets. Payrolls rose by 4.8 million in June, adding to the upwardly revised 2.7 million on May.…

Happy Wednesday. From what I can discern, the macro outlook is largely unchanged today. So, I thought I'd take a stab at presenting the news flow that most grabs my attention to put it in context for you. The framing here is that we…