1. An earnings recession without an economic one – FT Unhedged
2. For bond investors, every country is an emerging market now – Economist
3. Turkey Strengthens Its Energy Ties With Russia – NYT
4. Changing the Fed’s Inflation Target Now Would Be a Disaster – Barron’s Opinion
5. Bond Traders Bet Inflation Likely To Plunge Next Year – Bloomberg
6. Global economy enters new phase as pace of interest rate rises slows – FT

1. Inflation is falling—but not enough – Economist
2. We haven’t reduced financial risk, just transformed it – FT Opinion
3. US Treasury Market Throws a Curveball – WSJ
4. How the West fell out of love with economic growth – Economist
5. Fed’s Messaging Clashes With Market’s Rate-Cut Bets – Bloomberg
6. Next year’s unpleasant choices confronting the Fed – El-Erian in FT

1. Three Signals We’ve Entered a New Economic Era – El-Erian in NYT
2. Long-dated US bonds offer investors hope – FT Opinion
3. Copper and Aluminum Bulls are Running Too Fast – WSJ
4. Fed May Keep Peak Rates for Longer, Dashing Hopes for 2023 Cuts – Bloomberg
5. U.S. producer prices increase; near-term inflation expectations ease – Reuters
6. Wholesale inflation in US further slowed in November to 7.4% – AP News

1. Bond market points to Fed standing firm in battle against inflation – FT
2. New era of investing: higher interest rates and scarcer capital – Economist
3. Oil Prices Were Set to Soar. Now They’re Falling Fast – Barron’s
4. Federal Reserve Is Deflating Financial Bubbles, Without a Crash…Yet – Bloomberg
5. The risk of talking down trade – FT Opinion

1. The (American) age of ETFs – FT Alphaville
2. Developing World Is Facing a $2.5 Trillion Debt Shock – Bloomberg
3. Russian Oil-Price Cap Adds to Fiscal Pressure on Moscow – WSJ
4. Gold futures eye back-to-back gains – MarketWatch
5. A Big Chill Is Here for the US Housing Market – Barron’s
6. Investors See Shift in Europe’s Fortunes – WSJ

1. The year Europe’s innocent worldview fell apart – FT Opinion
2. Oil Prices and Energy Stocks Are Headed in Different Directions – WSJ
3. Investors need to adapt to the new multipolar world – FT
4. What the Inverted Yield Curve Says About the Next Recession – Bloomberg
5. Germany confronts a broken business model – FT
6. World Economy Heads for One of Its Worst Years in Decades – Bloomberg
7. Age of contraction – Daniel Neilson *
8. Oil, Gold, and LCLo(SP)R – Zoltan Pozsar *

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1. Bond Rally Drags 10-Year Treasury Yield Back Down to 3.5% – WSJ
2. $65 Trillion in Dollar Debt Sparks Concern – Bloomberg
3. Financial instability: the hunt for the next market fracture – FT
4. Worst of Europe’s Energy Crisis Isn’t Over – Bloomberg Opinion
5. High debts & stagflation will bring mother of all financial crises – Nouriel Roubini
6. NY Fed paper ties reverse repo surge to bank regulation change – Reuters *

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1. November Employment Report Shows U.S. Economy Added 263,000 Jobs – WSJ
2. Why central banks are stockpiling gold – Economist
3. UK house prices fall at fastest pace since June 2020 – FT
4. Upcoming sanctions on Russian oil likely to disrupt markets – CNBC
5. Cash-Hungry Companies Get Creative Raising Capital – WSJ
6. Recession Anxiety? Not in the Credit Market – Bloomberg Opinion
7. The deflating of the great cash cushion – FT Opinion

1. The Stock Market Is Ignoring the Bond Market’s Recession Warning – Barron’s
2. Fed Is Now Relying on a Miracle to Save the Economy – Bloomberg Opinion
3. US stocks record first back-to-back monthly gains since 2021 – FT
4. China’s Xi Urges Calming Crisis in Ukraine in crisis talks with EU – Bloomberg
5. Emerging market stocks and bonds stage powerful rebound rally – FT
6. Fed chairman Powell is no dove – FT Unhedged
7. U.S. Economic Growth Slowed This Fall, Fed’s Beige Book Says – WSJ
8. Yes, World War 3 has already started – Pippa Malmgren *

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