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Michael Lebowitz

  • Analysis & Comment

Michael Lebowitz's Comment & Analysis
A complete archive of Michael Lebowitz's articles, including current analysis & comment.

Fed’s Data Dependence May Risk Delayed Rate Cuts
By Michael Lebowitz - Aug 08, 2025
For months, we have been warning that the labor markets are not as strong as the BLS data attests. Six months ago, we wrote: While labor market data is generally good, there are signs the labor...
Does Trump Have a Valid Point About Rate Cuts?
By Michael Lebowitz - Aug 04, 2025
President Trump has been incessantly pressuring Jerome Powell to cut rates ever since he took office. To wit, check out Trump’s latest post on Truth Social below. The Fed cut rates in late 2024 but...
S&P 500: This High-Beta Melt Up Has Echoes of 1999
By Michael Lebowitz - Aug 02, 2025
In our recent article, “The Magnificent Seven Are Mediocre,” we pondered whether the stock market is entering a melt-up phase, where investors driven by extreme speculative behavior and hopes for...
Are Tariffs Distorting Economic Growth Trends?
By Michael Lebowitz - Aug 01, 2025
The BEA reported that real GDP grew by 3.0% in the second quarter. Such is almost a percent better than the longer-run trend growth rate, and is a cause for optimism for some. However, first quarter...
Typically, in Monday’s Commentaries, we share a few paragraphs titled “The Week Ahead’ in a lower section. This week, the amount and importance of the data could have a meaningful impact on markets...
On May 6, 2010, the US stock markets dropped nearly 10% within minutes. What would be called a “flash crash” wasn’t caused by news, economic data, or a Fed policy decision. According to the U.S....
Retail Traders Are Driving Euphoria
By Michael Lebowitz - Jul 25, 2025
Recent surges in speculative stocks are among several indicators that retail traders are introducing a bit of euphoria to the stock market. In an interesting article, MarketWatch notes that Wall...
July Rate Cut Now Has Single Fed Vote
By Michael Lebowitz - Jul 21, 2025
Fed Governor Christopher Waller was crystal clear in a speech on Thursday that he would like the Fed to cut rates in July. Importantly, consider the first line of his speech at NYU: My purpose this...
Trump Tests the Waters on Firing Powell
By Michael Lebowitz - Jul 18, 2025
It appears President Donald Trump set a test for the market to see what investors would think of him firing Jerome Powell. The bond and stock markets provided a swift answer to Trump’s test. The test...
In 2023, the “Magnificent Seven” (Nvidia (NASDAQ:NVDA), META, Tesla (NASDAQ:TSLA), Apple, Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOG)) became a popular nickname for the...