The Piper Sandler Macro team is up in Toronto today, presenting our thoughts on how the evolving macro outlook will affect financial markets. We remain bearish on the outlook for equities, and continue to believe that markets will not find “the” bottom until we are within a few months of an...

The Fed is now back in the game, and we can go back to using the change in the Fed Funds rate as a leading indicator of PMIs/EPS/leadership trends. It’s nice to be able to use this oldie but goodie chart once again. With the Fed’s latest 75bp hike, and with another rise in the 10yr, our CCI index...

I am told all the time that markets are forward looking. I disagree with that, at least as it pertains to leading economic indicators, and welcome anybody that disagrees with my email below to send me a chart or clear explanation of why my views are off. I am always looking to learn! Thanks in...

Good day!! An entire NEW tightening cycle, aside from the Fed, just got started!! The Fed's Senior Loan Officer Lending Standard Survey NOW in TIGHTENING mode. You can see the full report here: (S-PLUS Graphics) (federalreserve.gov) (Federal Reserve). We're seeing tighter lending conditions across...

Doing a little work on Saturday and stumbled across a few charts that I wanted to share with you. Financials (we’re underweight) was one of the most popular longs at the start of the year, generally from the view that rates would rise. Normally, rising rates would coincide with Financials...