Inflation In Focus: What Market Data Tells Us
As we approach today’s delayed CPI report, it’s helpful to look beyond government statistics to focus on a more current and robust picture of inflation. Implied Inflation: This is derived from comparing the yields of nominal Treasury securities to […]
Beyond Meat Surges: Another Meme Ponzi?
In August 2025, Beyond Meat (BYND), a plant-based meat producer, took to social media to call reports of its bankruptcy “unequivocally false“. Despite the assurances, the company was floundering, and bankruptcy was a possibility. The company has significant liabilities and […]
Leveraged ETFs: Yet Another Sign Of Rampant Speculation
Not only is the market chasing the most speculative of assets, but it is employing record amounts of leverage to do so. Traditionally, investors use margin loans to gain leverage. More recently, however, leveraged ETFs allow investors to get leverage […]
Joe Weisenthal’s Take Down Of The ‘Debasement’ Trade
Bloomberg’s Joe Weisenthal wrote an interesting article (Maybe ‘Debasement’ Isn’t The Best Way To Put it), sharing his opinion on the rising popularity of the so-called debasement trade. The debasement trade logic that Joe generally debunks is growing very popular […]
SRF: The Fed’s Newest Liquidity Backstop In Action
In July of 2021, after the pandemic and the liquidity issues that arose in 2019, the Fed established a new liquidity backstop. This program, the Standing Repo Facility (SRF), allows financial institutions to borrow on a collateralized basis from the […]
Liquidity Warning: SOFR Raises The Red Flag
In our Daily Commentary from October 9th, we alerted readers to the fact that the Fedโs Overnight Repurchase Program was warning that the financial system was running out of a reliable store of excess liquidity. While not a concern, as […]
Is QT On Its Last Lap?
Chairman Powell spoke on Tuesday, addressing several topics. Of note was the following quote: “We may be approaching the end of our balance sheet contraction in the coming months.” The market interpretation is that QT is ending soon. As a […]
Dollar Correlation: Implications For Foreign Stock Indexes
On Tuesday morning, Bloomberg featured an article entitled The Great Debasement Is Rippling Across Markets. From the start of the year until its low in the middle of September, the US dollar index fell by nearly 15%. The weak dollar […]
The AltCoin Liquidity Bloodbath
Last Friday, the cryptocurrency market experienced a violent crash. The trigger was President Trump’s announcement of a 100% additional tariff on Chinese imports. The sudden and unexpected action reignited fears of a full-blown trade war. Global risk assets fell sharply. […]