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What I Am Reading

Monday, May 11, 2026

Latest Morning Briefing

April’s employment report had lots of good news for the labor market. Ed & Elias discuss some of the news that seemed to be bad but really wasn’t on closer inspection. In their view, the April jobs report amounts to a vote of confidence in the narrative that the labor market is stabilizing and may even be improving without boosting inflation. Meanwhile, retiring Baby Boomers are weighing on wages, payroll employment, disposable income, and the personal saving rate. But they are boosting consumer spending by spending their substantial net worth. … Incoming Fed chair, Kevin Warsh is likely to find that the majority of his FOMC colleagues will want to eliminate the easing bias in the committee's next statement. … Dr. Ed reviews Remarkably Bright Creatures (+ +). (Morning Briefings:

Markets

There’s a new top target for the S&P 500 as the ‘melt-up’ intensifiesMarketWatch
Emerging Stocks Set to Close at Record High on Tech BetsBloomberg
Leading Stocks Are Losing Their Low-Asset EdgeWall Street Journal

Credit

Treasury yields move higher as Middle East peace talks falterCNBC
UK PM Starmer battles for political survival amid leadership challenge as gilt yields riseCNBC
Private Credit’s Hot Streak Is OverWall Street Journal
KKR Private-Credit Fund Takes $560 Million LossWall Street Journal
Apollo Holds Talks to Sell $3 Billion Private Credit FundWall Street Journal

Commodities

Central banks

Trump’s Fed pick will face rising prices as his first major testWashington Post
Japan Panel Urges BOJ to Take Cautious Approach to Rate HikesBloomberg

US economy

April CPI Could Show Housing Inflation Picking Up AgainBarron's
A Changing Job Market Leans Against MenWall Street Journal

Europe

China

Xi’s China: Dazzling Technology, Military Muscle—and an Economic MessWall Street Journal

Emerging Markets

AI plays in emerging markets offer more upside than in the U.S. at present, says JPMorganMarketWatch
AI’s Next Phase Plays Into TSMC’s HandsWall Street Journal

AI

Trade

Geopolitics