Jason Kelly

Toldja Fed Chair Trump Was On His Way

jason@jasonkelly.com (Jason Kelly) — Thu, 27 Nov 2025 00:46:14 GMT

Who knows, maybe it’ll be good for stocks … for a while. At last, the likely water-carrier for President Trump’s preferred, more pliant Federal Reserve has a name: Kevin Hassett, director of the White House National Economic Council. Like Stephen Miran—whom the White House air-dropped into the Fed just days before September’s vote, and who […]

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Bitcoin’s Rout Explained (Until Tomorrow)

jason@jasonkelly.com (Jason Kelly) — Thu, 20 Nov 2025 00:40:10 GMT

Selling is “flows,” rising is “adoption,” and the blockchain remains a glorified spreadsheet with mood swings. Bitcoin slipped under $90,000 yesterday, losing more than 4% in early US trading hours. It’s down about 30% since October 5. According to K33 Research, the analytical arm of Nordic digital-assets broker K33, this drop ranks as one of […]

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The AI Bubble Popped — Again?

jason@jasonkelly.com (Jason Kelly) — Fri, 14 Nov 2025 13:06:41 GMT

Don’t forget the existence of standard volatility. Stocks had themselves a little swoon yesterday. With all the AI bubble talk going back a few months, if not to the Fourth of July — of 2024 — anything so much as a wheeze downward elicits a “Thar she blows!” eruption… _________________ Free subscribers get headlines. Paid […]

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No, Starbucks Isn’t Fleeing China

jason@jasonkelly.com (Jason Kelly) — Mon, 10 Nov 2025 21:30:44 GMT

Selling a majority stake to locals looks smart. Starbucks (SBUX $85 -7% YTD) announced last week that it would sell up to 60% of its China retail operation to Boyu Capital for a cool $4B. Cue the familiar chorus: One more American icon fed into the dragon’s maw. The China-Century crowd warmed up its vocal […]

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What? Valuations Matter?

jason@jasonkelly.com (Jason Kelly) — Tue, 4 Nov 2025 00:00:04 GMT

Market Report for Tuesday, November 4, 2025 Stocks grew weary of the penthouse view on Tuesday and took the down escalator to a lounge just below the Louis Roederer floor. Among the relocators were Wall Street CEOs, muttering into their martinis about overvaluation. Level Change 11/4/25 (%) – – – – – – – – […]

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The Reverse Roosevelt

jason@jasonkelly.com (Jason Kelly) — Fri, 31 Oct 2025 13:39:39 GMT

America now speaks loudly while carrying a small stick. America’s global standing took another hit yesterday when President Trump learned—again, from China—that planning ahead has its advantages. If only someone in the West Wing had noticed the rare-earth dependency before rattling the tariff saber. Turns out, that was the big stick in this unnecessary trade […]

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Credit Cockroaches: Notes on Another Non-Crisis

jason@jasonkelly.com (Jason Kelly) — Tue, 28 Oct 2025 22:10:59 GMT

Sometimes, the only thing contagious is fear. I’m still getting emails about credit contagion risk. And with each new stock-market high, someone quips, “What goes up…” All this because last month brought back the eerie music of 2008, at least for a few bars. Tricolor, the nation’s third-largest used-car chain; and First Brands, a parts […]

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