Perhaps the single most important macro phenomenon of the past several decades is the precipitous decline in the labor share of income.

The greenback fell against the G10 currencies last week but consolidation seemed to be the main feature.

​​​​​​​With risk aversion gathering momentum, deleveraging looms.

While the S&P is still less than 3% off its all time highs, this rotation is about to turn to distribution as a new bear market begins. One major reason is the outperformance of consumer staples.

Yelp operates a leading digital marketplace connecting consumers with local businesses across restaurants, home services, retail, and professional services.

Copper prices “have to go up” over the next decade, driven by rising demand and a supply gap that “cannot be bridged”.

This week saw wholly expected volatile behavior in the last serious week of this bumpy earnings season.

The golden age seems to be delayed.

We have been inundated with employment and labor data over the past few weeks. Some of it is finally catching up from reports delayed due to the government shutdown.

January delivered the kind of mix investors and policymakers have been looking for: inflation cooled even as the labor market kept adding jobs.