Nonconsensus

Nonconsensus

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Steady Eddy Foreign Investment
A look at the actual foreign investment into the US challenges both partisans' narratives. Most categories have remained pretty steady over the last…
 • Bob Elliott
The Week Ahead 2026.02.16
US stock and bond markets like a negative growth shock hit last week just when critical payrolls data was looking up. This week we get more hard data to…
 • Bob Elliott
End of Elevated Inflation In Sight
After years of above-target inflation, we are finally starting to see an underlying mix of pressures that will bring inflation back to the Fed’s target…
 • Bob Elliott
Will a Pickup in Jobs Keep Spending Going?
The labor market looks to be improving and with the prime age workforce already at its tightest in decades, it may not take much to drive the income…
 • Bob Elliott
All Clear To Dive Back Into Gold
The late Jan mania and early Feb washout has largely flowed through the markets. With the policy environment continuing to favor debasement and…
 • Bob Elliott
Dissaving Drives Decent Demand
Household demand looks to have remained firm to wrap up the year despite weak job and income growth, highlighting an economy running on dissaving to…
 • Bob Elliott
Macro View On Software & Hyperscaler Pain
While folks focus attention on all the sector winners & losers, the macro story is much clearer - surging hyperscaler borrowing and capex is a growing…
 • Bob Elliott
Nonconsensus
Nonconsensus
A daily look into the thinking of veteran macro investor Bob Elliott as he navigates some of the most challenging market dynamics he's seen over his career.
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Nonconsensus

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