EDITOR'S CHOICE

The Fourth Strait Crisis is here

We have been covering the events surrounding Taiwan for some time now, and we were hardly caught off guard by what happened yesterday. After all, this has been on the cards for some time, as I started considering this eventuality months ago. Ultimately, it was a crisis waiting for an excuse to fire, and Pelosi […]
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Commodities Research

Energy Research


Crude Oil Inventories Week Ending 29 July 2022

Crude: 4.467M Cushing: 0.926M Gasoline: 0.163M Distillates: -2.400M This is actually not a terrible report. Imports were UP 1.178M bpd over the prior week (8.246 million barrels on the week) while exports were DOWN -1.036M bpd (-7.252 million barrels on the week). We also had a large SPR draw of 4.690 million barrels that were […]
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BRIEFINGS FROM OUR MACRO FRIEND

Liquidity – Leverage, Reserves, Equities & Credit – Five Months On

Just over five months ago, a week before the war in Ukraine started, I published the attached note (see end of article for a copy thereof). The release of the FINRA margin statistics for June makes it a suitable time for review and consideration of the outlook. At the time I wrote – “FINRA margin […]
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Commodities Research

Metals&Materials Research


Big Oil Earnings Bonanza

Last week XOM, CVX, SHEL, E, TTE, and EQNR all reported ExxonMobile (XOM) Exxon beat estimates, earning $4.14 per share versus the $3.74 per share expected, but the company’s revenue, at $115.68 billion, missed the $132.7 billion analysts were expecting. Share Buybacks and dividends: Q1 they tripled the size of their share repurchase plan, which is […]
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The Great Steepening from the Fed’s QT

The QT Plan The Fed’s March minutes sketched out a plan for QT that was as aggressive as promised. The maximum monthly redemption cap this time around will be $95b, almost double the $50b cap from the prior QT. It will be split between $60b in Treasuries and $35b in Agency MBS, with some potential […]


Debt Jubilee

When the central bank buys government bonds, say in the context of quantitative easing, it substitutes interest bearing government bonds for monetary liabilities (the money base typically taking the form of bank reserves). In the old days, these liabilities of the central bank were not remunerated. For around the last ten years, however, central banks […]


GLOBAL POLITICAL MACRO COMMENTARY & NEWS UPDATE

“People do what they know works, including the Fed”   Now, the question for us is whether the Fed is ready to let the market go now, or will come back in and pump the usual suspects. At this moment, it feels like they are doing some Nasdaq stock pumping, so they are not ready […]


Odds of a faster taper are increasing, especially after the FOMC minutes

November 29, 2021 In our view, the notable discussion in the FOMC minutes is not the comment that some policymakers supported a faster initial taper than originally announced, but the definitiveness of the shift in the balance of inflation risks, which of course has implications for the policy outlook, including the pace of the taper. Combined with […]


Joe Biden has wasted his petroleum reserve, while the Fed’s inaction adds fuel to the fire

November 29, 2021 It is hard to keep giving Joe Biden the benefit of the doubt. The emergency release of oil stocks from the US strategic petroleum reserve last week violates every rule of statecraft and market management. To borrow from Napoleon, if you say you are going to take Vienna, take Vienna. Prior to […]


The Fed must think creatively again

November 24, 2021 The transitory inflation debate in the United States is over. The upsurge in US inflation has turned into something far worse than the Federal Reserve expected. Perpetually optimistic financial markets are taking this largely in stride. The Fed is widely presumed to have both the wisdom and the firepower to keep underlying […]


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Intelligence Quarterly Experts

Nicholas Glinsman
Nicholas Glinsman
Albert Marko
Albert Marko
Tracy Shuchart
Tracy Shuchart