Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

For the bears out there: I just finished @andrewrsorkin's 1929.

The book is in significant part about the human side of 1929. Ever wondered what type of person legendary speculator Jesse Livermore was? Or Senator Glass of the (in)famous Glass-Steagall Act?
The book is about more

Regulations help incumbents by raising barriers to entry.

So when CEOs of AI companies call for regulation, it’s in their interest—not yours.

Prohibition is over!

Well, or something like that

Did you know that both doves and hawks can fly?

Today's dove/hawk scale is in the top panel; contrast it with the scale from before the Iran war, at the end of February.

Categorization by Bloomberg's BQuant.

While "everyone" has been glued to whether the Fed hikes next week, the bigger story is the hikes priced over the next year.

Sep ’27 rate repriced 50 bps higher this week, mostly on oil (WTI 80→100+). Only 11 bps came from Sep hike odds rising 36%→81%.

src: BBG, Merk

Bloomberg @mckonomy brought the CPI report to the context Warsh provided: not enough progress is being made.

💔