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Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the reflation, mortgage rates rise, Deliveroo’s IPO, and a look at equity duration during a pandemic. To sign up for the Capital Note, follow this link. The Reflation Is Here Investors are selling bonds in droves on the expectation of higher inflation. The U.S. ten-year yield now stands at 1.5 percent, near its pre-pandemic level, following a 10 percent decline in ten-year Treasury prices. The magnitude of the sell-off mirrors 2013’s so-called taper tantrum, when a pullback in Fed...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the SPAC craze continues, an ill-fated Softbank investment, the Carlos Ghosn plot thickens, and a closer look at the nuances of blank-check companies. To sign up for the Capital Note, follow this link. The SPACtacle The special-purpose acquisition company (SPAC) craze that started last year is showing no signs of abating, with sponsors of the so-called blank-check companies raising record sums of money so far this year. Investors put $32 billion in new SPACs in February, the largest month of is...

Stocks Yield, Stonk Soars Andrew Stuttaford © Igor Kutyaev/Getty Images Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: inflation fears deflate stocks, from pipeline to railroad, China’s (latest) green-jobs threat, working from the office, and crime and the minimum wage. To sign up for the Capital Note, follow this link. ‘All is Well’ I saved this story as something to write about on another day, but then yesterday happened: Hedge fund manager Bill Ackman is betting on interest rates rises crashing stock markets, a...

On the menu today: a defense of macroeconomics, inflation expectations rising, tech-stock tumbling, and a look at Paul Romer’s paper on technological progress.

Boom, then Bust? February 20, 2021, 8:22 AM·36 min read Well, the S&P may not have done much this week, but there were clear signs and signals that the conditions fueling the current bubble(s) are going to continue — and that the bubble(s) themselves are still bubbling away. Elon Musk, in some ways the man of the bubble (I do hope that comment doesn’t disqualify me from some space tourism), got to the point. Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash. “When fiat currency has nega...