In retrospect, it was inevitable. Elon Musk has withdrawn his bid to buy Twitter. See you in court, the board shot back. It is not a surprise that Musk backed out – buyer’s remorse was evident fairly early on: in mid-May he said the transaction was on hold… But that he was “Still committed to acquisition.” A month ago he […]

Remember the meme stock craze? Those were fun times. Now the payback: Robinhood says it is slashing 23% of jobs, blaming “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”. This has further reduced customer trading activity and assets under custody. Robinhood cut headcount by 9% in […]

Agustín Carstens, the general manager of the Bank for International Settlements, watched on like an annoyed headmaster. His pupils, seated neatly on the stage next to his ample frame, were up to explain to the class how they’d got it so wrong.   “We understand better how little we understand about inflation,” said Jay Powell, the Fed chair. […]

European equity starts flat to negative. Central banks signal prolonged high rates. Asia faces fiscal and monetary challenges. Japan’s BoJ undecided on policy change. Oil futures rise, Cable at lows.

the gap between the market and Fed right now is huge. The market thinks there will be a soft landing, inflation cools rapidly and the Fed switches to cutting rates. Bulls think the Fed will pivot soon.