by Jacques Lemoisson | Oct 10, 2023
Some extracts Looking back at Friday’s session, it was one of the best days on record for our GTO (+1.6%) “We’re not safe from a surprise, so many of the employment figures are revised and skewed.” (GMI 06/10/2023). When your scribe wrote these...
by Jacques Lemoisson | Oct 10, 2023
Some extracts Your scribe insists we are only in the Great Normalization of our Western economies. After years of dependence on central bank liquidity, making a monkey able to build an asset allocation … It’s not the “why,” as Powell has...
by Jacques Lemoisson | Oct 2, 2023
Some extracts : – On Friday morning, your scribe had shared, “Now, the optimal take-off zone seems to be around October 15, which leaves us with a few more complicated days ahead if the bond markets don’t calm down unless the CTAs (whose asymmetry is...
by Jacques Lemoisson | Sep 29, 2023
Some extracts : Yesterday, we noted the “disaster” that was this revision for Q2: instead of the unchanged 1.7% figure of the second estimate of Q2 GDP, the final figure was a disaster of 0.8%, a 9-sigma deviation from estimates… China has no reason...
by Jacques Lemoisson | Sep 28, 2023
Some extracts : We’ll come back to these various points, but first, your scribe will recall his convictions in Global Macro even though the markets no longer have any rules: Duration is the main danger in asset allocation. Markets are increasingly ripe for a...
by Jacques Lemoisson | Sep 27, 2023
Some extract : Yesterday was symptomatic of our markets: neither fundamentals nor positioning were the cause of asset movements (except for rates), …. According to reports, after the US banking sector experienced a period of turbulence earlier this year, total...
