Hints and tips:
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...But as Goldman’s Praveen Korapaty et al point out, the US government bond market has been pretty choppy for a while now....
...The context for that was the turmoil around Silicon Valley Bank, et al....
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London today. Check back here for details and reaction....
...That the Fed’s rate increases precipitated a banking crisis before they got inflation down to even vaguely near their target looks like a good example of what Akinci et al were arguing last year....
...al)....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...What about how concentrated the stock market gains are with Nvidia, Microsoft, Google et al? I mean, shouldn’t that weigh against this rally? What about that? Katie MartinMaybe yes....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...And for all the flaws of the current approach to equity and inclusion, Edmans et al say it does seem to be bearing some fruit: the average DEI score from their calculations has risen from 4.1 out of 5 in...
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London time today. Check back here for details and reaction....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
...Prosecute fraud, maybe regulate crypto exchanges like casinos, and keep the SEC et al out of it. This is a disagreement about how to cordon off crypto so that when crypto burns, it is controlled....
...Luckily, efforts to ram crypto’s square peg into the round hole of the Securities Act of 1933 (et al) have proceeded slowly to date. But there is danger this mistaken project will accelerate now....
...Does that mean already anxious investors have little to fear as the Fed et al embark on QT?...
...Reserve announces its decision on interest rates today at 2pm ET (7pm London)....
...A true crisis could develop if Binance et al have significant hidden exposure to declining prices, perhaps through DeFi investments....
...The FANG+ index — which includes Tesla and Baidu as well as Facebook et al — may be only down a little at pixel time, but it has plunged by just over a quarter since the turn of the year....
...All assets may perform badly under stagflation, but we’d rather own Pepsi, Johnson & Johnson, Kimberly-Clark, Bristol-Myers et al than sit and watch our cash lose its earnings power....
...There is for sure a debate to be had about when the Federal Reserve et al should have pivoted their stance more forcefully to tackle inflationary pressures, and what they should and shouldn’t do now....
...The Federal Reserve, it appears, is going to tighten with total predictability and imperceptible gentleness; inflation will be transient; Evergrande et al will not sink the Chinese economy; lions will lie...
...For example, in a 2010 opinion (Chevron Corp v Steven Donziger, et al) handed down from the US district court in Manhattan, the judge wrote that the “evidence at trial established that Donziger, a New York...
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