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June 2023

Goldman Talks Geopolitics and Equity Cycles...
The BoE blindsides, Goldman's oil frustrations continue, and the optimism phase of this equity cycle may be too optimistic...
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Market Making
Pause Without a Cause...?
The Fed creates a momentary "melt up", Goldman takes a victory lap, and markets brood over the Bank of England's bungling...
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Market Making
Goldman Did a Poll...
Some weekend reading for you, along with the results of Goldman's monthly poll of over 900 institutional investors...
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Market Making
3
The Fed May Skip, and Goldman Has a Theory...
The wishy-washy case for skipping, revisiting wage inflation worries, and Goldman has a theory on this tech rally...
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Market Making

December 2022

November 2022

Happy Thanksgiving...
Given how sleepy markets were this week with the holiday, there's just an abbreviated newsletter this week.
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Market Making
Goldman Tries to Predict the Future...
The dominate macro themes of the year ahead, a post-mortem from JPM on last week's risk-on rally, stagflation strikes the United Kingdom, and much…
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Market Making
Cooling CPI and Raucous Rallies...
Explaining the record-setting risk-on rally, thinking through the Fed's new reaction function, and why Goldman is now floating the idea of raising the…
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Market Making
No Premature Pausing...
Powell breaks out his hawkish handbook, a legendary hedge fund doesn't like what it sees, and the BoE brazenly begs the market to reconsider the yield…
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Market Making

October 2022

Premature Potential Pivots...
The Fed puts itself in a quandary, the gilt crisis comes to a close, the BoJ embraces rates divergence, and the one question Goldman thinks everyone…
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Market Making
In Search of Market Tremors...
Concerns arise over treasury market liquidity, why volatility could be a virtue to central banks, another intervention occurs, and Goldman rethinks…
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Market Making
Erratic Equities and Gyrating Gilts...
CPI kicks off a bout of volatility, equities leave market participants exasperated, and monetary policy makers may finally be forcing the hand of fiscal…
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Market Making
Swimming Along the FX Channel...
Goldman's inflationary framework, an update on gilts and oil, and how economic adjustment may increasingly come through the FX channel...
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Market Making
Welcome to Market Making
You're going to love it here...
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Market Making
1
Disorderly Markets are Getting an Intervention...
Revisiting Goldman's Macro 3D's, The BoE steps forward as gilts and sterling whipsaw, Goldman doesn't (fully) back down on their oil expectations, and…
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Market Making
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