Sean RingSean Ring


Do Hikes Produce a “Sentiment Recession?”

The Fed hiked 75 bps again. The markets rallied big yesterday. But technically, we’re still in No Man’s Land. Happy Thursday! My goodness, I need to stop partying in the Big Apple. Besides dealing with the rats, it’s probably not optimum for my liver. Two nights ago, we went to Fraunce’s Tavern. That’s the ancient...

What is the Cantillon Effect?

Happy Hump Day! Last night, I drank a few drops of something cheerful with my new Irish friend Simon, who’s training the same bankers I am. He reminded me that I haven’t talked about Richard Cantillon, that great Irish-French economist. Cantillon was an Irish-French economist and author of Essay on the Nature of Trade in...

More Evidence the EU’s Russia Policy is a Disaster

Reduced output and runaway inflation are the new normal in Europe. Russia has already reduced gas flows and will cut off Europe before it’s ready. As a result, Europe will return to coal-fired plants.  Oh, the irony. Happy Tuesday! As I walked around the streets of the Big Apple, I thought, “Oh, rats!” Credit: Sean...

For the second straight month, the Philly Fed shows a sharp contraction. The only decent news is that Prices Paid fell off. That corroborates the “cooling inflation” thesis. Happy Monday! I’m still in NYC, roasting like a rotisserie chicken. It’s been boiling hot here.  Manhattan is no place to spend the summer. But that’s where...

Here Comes the Hildebeast (Again)!

Joke Biden’s approval ratings are in the basement. The Dems can’t prep Kamala because she’s completely incompetent and unlikeable. Who can the Dems turn to in 2024?  You guessed it! Happy Friday! I hope you enjoy your morning cup of joe and an evening glass of something cheerful. As Joe Biden was diagnosed with dementia...

Piss and Vinegar and Weed

I started my banking career in New York City in 1997. By then, Rudy Giuliani had turned the place into Disneyland. Now, the whole place stinks of piss and weed. Good morning on this fine Thursday. I’m still in New York City.  The state of the place… It’s incredible how people inside the fishbowl can’t...

Got Rubles?

Credit: Sean Ring The Dow was up about 800 points. Earnings were good; Russia was better. Let’s rehash what I wrote about Russia in March. Happy Hump Day! I know you’ve been reading the Rude for ages, but there are some who haven’t. I sit in NYC, cracking up that the WSJ thinks the Dow...

The Bankers’ Beatings Begin

All of America’s banks’ profits have been hit hard. As the Fed tightens, banks should make higher net interest margins. But even as trading has thrived, investment banking is hurting. Happy Tuesday. As I was driving from Newark Airport to the Big Apple, I noticed whoever put Hudson Yards up has blocked the view of...

The Coming Food Wars

We’ve been talking about the energy shortage for a while now. But one important group of minerals for fertilizer comes mainly from Russia and Belarus. Because of the sanctions, that mineral isn’t getting into farmers’ hands Happy Monday! I’m writing from seat 21E on United Flight 18 from Milan Malpensa to Newark Liberty Airport. My...

Can’t Slay the Draghi

Italian politics aren’t for the faint of heart. PM Mario Draghi resigns after his coalition partners refuse to back him in a confidence vote. The Italian President refused his resignation, putting the entire eurozone at risk. Happy Friday! Get that fresh cuppa joe and enjoy it.  You deserve it. Later, get that aged chalice of...