Recent Commentaries

Spoos will LOVE a 2% 10yr note

Today I want to make the case that higher expected future short-term interest rates will actually be quite supportive for risk asset markets. Of course, this notion runs counter to standard textbook stock/bond relative valuation arguments. Typically, higher future...

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The Roaring DEFLATIONARY 20s

Everywhere one turns these days, somebody is using a “roaring 20s” metaphor. From CEOs to market pundits to Reddit short squeezers, the storylines are all the same. Pent-up demand, like we saw following the 1918–1920 pandemic, will very shortly kick off in the 2020s....

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