Doug Noland

Credit Bubble Bulletin

Contributor since: 26 Jan 2015

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• Permanent Market Support Operations

  Published 17 February 2018 | viewed 0 times

  U.S. stocks posted the strongest week of gains since 2013 (would have been 2011 if not for late-day selling). The S&P500 surged 4.3%, and the…

• Subprime and Short Vol

  Published 10 February 2018 | viewed 0 times

  February 6 - Wall Street Journal (Spencer Jakab): "Only very rarely has a trade gone from being so good to being so bad so quickly.…

• The Grand Crowded Trade of Financial Speculation

  Published 03 February 2018 | viewed 0 times

  Even well into 2017, variations of the "secular stagnation" thesis remained popular within the economics community. Accelerating synchronized global growth notwithstanding, there's been this enduring…

• America First and the Decapitation of King Dollar

  Published 27 January 2018 | viewed 0 times

  The U.S. ran a $71.6 billion Goods Trade Deficit in December, the largest goods deficit since July 2008's $76.88 billion. The U.S. likely accumulated a…

• You Can Only Worry For So Long

  Published 20 January 2018 | viewed 0 times

  Ten-year Treasury yields jumped 11 bps this week to 2.66%, moving decisively above the key 2.60% technical level - to the highest yields since July…

• Mania

  Published 13 January 2018 | viewed 0 times

  This might be the most fascinating market backdrop of my career. Not yet as dramatic as 1987, 1990, 1994, 1997, 1998, 1999, 2000, 2002, 2007,…

• Issue 2018: Market Structure

  Published 06 January 2018 | viewed 0 times

  Financial conditions are much too loose. They remain too loose at home; they remain too loose abroad. January 3 - ETF.com (Heather Bell): "...ETF flows…

• A Phenomenal Year

  Published 30 December 2017 | viewed 0 times

  2017 was phenomenal in so many ways. The year will be remembered for a tumultuous first year of the Trump Presidency, the passage of major…

• Epic Stimulus Overload

  Published 23 December 2017 | viewed 0 times

  Ten-year Treasury yields jumped 13 bps this week to 2.48%, the high going back to March. German bund yields rose 12 bps to 0.42%. U.S.…

• Chronicling for Posterity

  Published 16 December 2017 | viewed 0 times

  Janet Yellen's Wednesday news conference was her final as Fed chair. Dr. Yellen has a long and distinguished career as an economist and public servant.…

• Q3 2017 Flow of Funds

  Published 09 December 2017 | viewed 0 times

  In nominal dollars, Total U.S. System (Non-Financial, Financial and Foreign) borrowings expanded $1.007 TN during the third quarter to a record $68.012 TN. Total Non-Financial…

• China Initiating a Global Bear Market?

  Published 02 December 2017 | viewed 0 times

  Chair Yellen is widely lauded for her accomplishments at the Federal Reserve. For the most part, her four-year term at the helm of the Fed…

• Just the Facts

  Published 25 November 2017 | viewed 0 times

  For the Week: The S&P500 gained 0.9% (up 16.2% y-t-d), and the Dow rose 0.9% (up 19.2%). The Utilities added 0.2% (up 14.4%). The Banks…

• Not Clear What That Means

  Published 18 November 2017 | viewed 0 times

  November 15 - Bloomberg (Nishant Kumar and Suzy Waite): "Hedge-fund manager David Einhorn said the problems that caused the global financial crisis a decade ago…

• 'Money' on the Move

  Published 11 November 2017 | viewed 0 times

  It's been awhile since I've used this terminology. But global markets this week recalled the old "Bubble in Search of a Pin." It's too early…

• End of an Era

  Published 04 November 2017 | viewed 0 times

  Of the diverse strains of inflation, asset inflation is by far the most dangerous. A bout of consumer price inflation would be generally recognized as…

• Must Stop Digging

  Published 28 October 2017 | viewed 0 times

  Amazon, Google, Microsoft, Intel and Draghi all handily beat expectations. Booming technology earnings confirm the degree to which Bubble Dynamics have become entrenched within the…

• Arms Race in Bubbles

  Published 21 October 2017 | viewed 0 times

  The week left me with an uneasy feeling. There were a number of articles noting the 30-year anniversary of the 1987 stock market crash. I…

• Arms Race

  Published 14 October 2017 | viewed 0 times

  Bloomberg: "Treasuries Surge as December Hike Odds Drop After CPI Miss." Year-over-year CPI was up 2.2% in September, with consumer inflation above 2% y-o-y for…

• Kevin Warsh to Lead the Fed in a New Direction

  Published 07 October 2017 | viewed 0 times

  The threat of nuclear crisis with North Korea. Two destructive hurricanes. Puerto Rico devastated and about out of money. The start of a major comprehensive…