Market Overview

US core inflation posted a fourth consecutive 0.3% print, showing that progress towards the Fed inflation goal has clearly stalled. Nonetheless, the Fed’s favored measure of inflation is doing a...

The CPI numbers yesterday largely came in line. But when you took a deeper look at them and rounded them out, you realize they were in line but on the hotter side of inline, meaning the...

Last month’s CPI had set up an uncomfortable situation for the FOMC, where too-high inflation was colliding with a Fed that had launched too soon into ease mode – for what appears to be mostly...

From 2010 through 2022, the US Energy Information Administration (EIA) calculates that global Oil demand grew by 10 million barrels per day (Mb/d). Over 60% of the demand growth was due to China’s...

The closely watched U.S. November CPI report comes out today. Headline annual inflation is seen rising 2.7% and core CPI is forecast to increase 3.3%. A "hawkish cut" scenario could emerge if CPI...

Stocks finished lower for a second consecutive day, with breadth continuing to show more losers than advancers. This trend actually began sometime last week. The NYSE McClellan Oscillator has broken...

Disinflation has stalled recently, but economists are debating if this is a temporary blip that will soon give way to a softer trend. Tomorrow’s consumer price report for November will be widely read...

Housing affordability helps explain why residential real estate transactions have reached a standstill. Over the last five years, housing prices have surged. Per the Case-Shiller 20 City Home Price...

In The Financial Times this week, Ruchir Sharma (chair of Rockefeller International) argues that “America is over-owned, overvalued and overhyped to a degree never seen before.” Warren Pies points...

Valuation & Growth As we’ve seen over the past three years, stock investors don’t like recessions, not even the no-shows. There was much anxiety about an imminent recession from January 3, 2022...

My interview on Bloomberg last week started with a trillion-dollar question: It is important that we don’t just look at a GDP number and say, “Oh, it’s almost 3%,” and move on. We need to stop and...

Turn on CNBC, and you will notice a bright green box permanently affixed to the bottom right corner with the ever-changing price of Bitcoin. Bitcoin is all the rage as market speculation across...

Corporations are currently producing the highest level of profitability, as a percentage of GDP, in history. However, understanding corporate profitability involves more than glancing at quarterly...

We were very bullish at the start of this year with a Street-high year-end price target of 5400 for the S&P 500. That level was surpassed on June 12. We weren't bullish enough as the stampeding...