Chief Economic Adviser, Allianz. Author of NYT bestsellers "When Markets Collide" and “The Only Game in Town.”
From The Economist: “The frontier between technology and finance may end up as the most revolutionary: the creation of government digital currencies.” #blockchain #crypto #cryptocurrencyc #bitcoin #btcr  @TheEconomistrency
This @WSJ chart illustrates the 8 million figure that @federalreserve officials often refer to, including in judging the extent of "substantive progress" in meeting the #employment component of its mandate. Today's #jobs report shocker highlights some of the complexities involved
Quite a roundtrip for the yield on 10-year US government #bonds : After a precipitous drop in reaction to the record data miss in this morning's #jobs report, yields have come all the way back. They're currently very slightly up on the day. More on this to follow #economy #markets
I wish you all an enjoyable weekend at the end of an interesting week in which US #stocks closed at new highs. (Photos from a quick late afternoon walk in #Cambridge . The seemingly endless zooms end up being more exhausting than I would have expected.) #cambridgeuniversity
@markets on "Reflation, Inflation, Deflation: Stocks Can Live With Everything" The one thing that hasn't varied through all this: The ample of predictable provision of central bank liquidity, and the powerful conditioning of #market that it has engendered
The @WSJ on how #Unemployment Benefits [have] Become Target Amid #Hiring Difficulty." The debate has heated up after yesterday's US #jobs report. Having said that, and as I will detail in my Monday@bopinion post, there are also other factors in play.
This attack and resulting disruptions/uncertainties raise several interesting issues, including from the vulnerability of some essential infrastructure to the fragility of broader supply chains. #economy #infrastructure #supplychains
If you have a few minutes, may I please ask you to read this (link below)? This is only the second time since I've been tweeting that I make such an ask...and do so because,by being informed about what's ahead, we stand a better chance of responding better
What if it's not just the risk of "zombie companies" eroding the productivity and dynamism of the economy...but also zombie #markets mis-pricing risk/mis-allocating capital due to heavy official intervention? There are better ways to help people and minimize future hits to growth
@warrenbuffet on Why he's not buying stocks in size: sensitivity to tail events and the '08 reminder "we don't see all the problems the first day." On whether others should buy now: Only if you expect to hold for a long time and are financially and psychologically ready to do so
The strong get stronger and the rich get richer while the weak get weaker and the poor struggle more. A larger disparity of wealth is one of the many awful outcomes of the #covid economic shock, a great unequalizer which is also worsening the inequality of opportunity and income.
Worse than expected drop in US Q-1 GDP — at minus 4.8% —is indicative of the huge economic hit. With the shut down not reaching critical mass until the start of the fourth week of March, quick back of the envelope calculations suggest the Q-2 contraction could be as large as 40%
The #Archegos drama involves a classic mix of massive leverage, concentrated positions, derivative overlays, forced deleveraging and distressed sales Pain has been felt so far only in a handful of stocks. What happens next depends on remaining sales and related contagion channels