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Macro update
Sold Out
The Sunday macro update on why AI suppliers say they're sold out while chip stocks fell into a bear market, the financing worries behind the selloff, a hotter week for inflation, and what American Express, Deckers and Tractor Supply say about the K-shaped consumer.
Macro update
Rotation
The Sunday macro update on the rotation out of AI and tech into defensive sectors and energy, why the market priced fewer future Fed hikes in a hot inflation week, Warsh at the IMF, TSMC earnings, and what retail sales and producer prices say about the consumer.
Mid-week update
Sooner, not higher
Hot CPI moved expected Fed hikes forward, not higher. Brian examines inflation, AI spending and why tighter policy may hit the wrong half of the economy.
Macro update
Crowded out
AI infrastructure and government borrowing compete for capital, while households and rate-sensitive businesses face the cost. Brian examines Treasury buybacks and the widening consumer divide.
Macro update
Patience
A patient Fed, rising long-term yields and widening credit spreads: who pays the price when the bond market does the tightening?
Macro update
What rising yields do to stocks
How rising Treasury yields affect stock valuations, AI funding costs and sector rotation—and what Brian is watching in SPY, QQQ and credit.