Jobs strong, markets weak. It means labor statistics look backward, markets look forward.

A flood from Iran, a stable Middle East, crashing breakevens, collapsing demand. Dream on.

As we test the August lows, capitulation is in the air, from Soros to Summers to Bullard.

Jobs strong, markets weak. It means labor statistics look backward, markets look forward.

The New Year is going to start out rough. And then there’s Donald Trump.

The funds rate is hiked, but the dots go down. It’s a mistake, but at least a gentle one.