Market Overview

Stocks finished the day higher as bond yields fell following the PPI report. The key data points in the data suggested that core PCE will likely not come in as hot as the core CPI report left...

Yesterday's CPI came in much hotter than expected, and the impacts were felt throughout the bond market and the US dollar complex. Core CPI came in at 0.4% - hotter than the 0.3% m/m estimates....

US inflation came in well ahead of expectations, prompting the market to dramatically reprice the prospect of rate cuts. Potential tariffs add upside risk to inflation in coming quarters, but there...

We finished 2024 with a slightly soft reading, but we began 2025 with a hot reading. Now, my admonition last month about the volatility of December data applies also to January data, although less so...

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler...

The highly anticipated U.S. January CPI report comes out on Wednesday morning. Headline annual inflation is seen rising 2.9% and core CPI is forecast to increase 3.1%. Investors should brace for...

After 100bp of rate cuts, Fed Chair Powell suggests policy remains restrictive – even if inflation remains elevated they will merely “maintain” policy restraint for longer. This indicates an...

More trade war tariffs have been collected under Biden than Trump, but US tariffs remain among the lowest in the developed world. Meanwhile, gold prices hit new highs. Each week, the Syz investment...

Markets, as we all know, don’t like uncertainty. And right now, there’s a lot of uncertainty surrounding U.S. trade policy. While the Trump administration’s tariffs on Mexico and Canada have been...

The major stock market indexes are still up since Election Day despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0 (chart). The former is weighing on the shares of AI companies....

Geopolitics I: What Trump Wants from Canada & Mexico. It’s become abundantly clear to us what President Donald Trump wants from Mexico. To Trump, Mexico is a looming security threat. In his view,...

QUOTE “Investing is not about buying good things, but about buying things well – and if you don’t understand the difference, you shouldn’t be an investor.” –Howard Marks Clearly, many operating in...

This will be a hectic week. Earnings season is winding down, of course, but we have lots of economic data, starting on Wednesday with the core CPI, which is expected to rise by 0.3% m/m from 0.2%....

All money is lent into existence. The Federal Reserve or the government does not print money. Those two facts are vital to understanding our lead question: where does money come from? Furthermore,...