Chief Economic Adviser, Allianz. Author of NYT bestsellers "When Markets Collide" and “The Only Game in Town.”
From @NFLonCBS Sad, and soon to be 11 straight #Jets losses to the #Pats While I could point to a few positive things in the @nyjets performance, I won't We'll get nowhere unless we do the basic things much better,from tackling to avoiding silly penalties The agony will continue
Good morning. My thoughts on this week's @federalreserve meeting including What is likely to occur, Why, and How this compares to what I believe is needed to reduce the risk of derailing a strong and inclusive economic recovery. #economy #Fed @bopinion
The 3% plus fall in #HongKong 's stock market is placing pressure on global #stocks--this as more #investors question conventional wisdoms that had fueled the flow of foreign funds to China (from bailouts to a relatively unfettered government approach to private sector activity).
First time in a while that moves in various asset classes correspond to historical correlations: The generalized selloff in #stocks and other risk assets is accompanied by significantly lower government bond yields/commodities, and a #VIX spike. Also notable: 9% fall in #Bitcoin .
The pattern in #markets so far today that is similar to that of several days in the last three weeks: The initial fall in #stocks attracted dip-buyers but the follow-up buying has proven disappointing so far (S&P below). The rest of the session will be particularly interesting.
US stock futures point to a bounce at the open, reversing part of yesterday's losses Encouraging, especially given the continued uncertainty trifecta: #Evergrande 's future, the scope of contagion within/outside #China , and tomorrow's @federalreserve announcement #markets #economy
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%
There's an inclination by some to dismiss the 17 million surge in jobless claims as quickly reversible, risking to under-appreciate current/future pain inflicted on many Re current:Look at lines outside food banks Future:Look at the complexities of when/how to restart the economy