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When Ackman Talks, Bonds Listen (As In, Cover Those Shorts)

When Ackman Talks, Bonds Listen (As In, Cover Those Shorts)

“The economy is slowing faster than the data suggests”

David Rosenberg's avatar
David Rosenberg
Oct 24, 2023
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Early Morning with Dave
Early Morning with Dave
When Ackman Talks, Bonds Listen (As In, Cover Those Shorts)
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Highlights

  • The “soft landing” narrative takes another hit as bond bears turn into bulls 

  • Who can blame them with the new “bond market math” increasingly in favor of getting long 

  • Declines in the monetary aggregates and bank credit tell us not to be too concerned about inflation, and to stick with the recession call 

  • Tomorrow’s BoC meeting will be all about the guidance with the Bank expected to stay on hold 

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