It’s Time to Take Trading Advice From a Bond Villain: Macro Man

Well, here we go again. That sense of weary resignation could apply to a number of things, from another Trump turnaround when the stock market heads south to the emergence of some more credit-related cockroaches in regional banks. Fortunately, Friday morning’s bank reports suggest that for now credit losses are more idiosyncratic than systemic, though the line between the two can blur awfully quickly when prices start to drop precipitously. On a macro level, liquidity concerns are clearly starting to percolate, and for regular readers of this commentary they’ve come right on schedule. There are of course more firebreaks than ...