Pinecone Macro Research
@pineconemacro.bsky.social
Nerd on markets and all that impacts them
This week we explore the off grid power sources data centers are using and think about their future.
That Other Power
Exploring Data Center's Off Grid Power
pineconemacroresearch.substack.com
November 23, 2025 at 7:31 PM
This week we explore the off grid power sources data centers are using and think about their future.
November 21, 2025 at 10:13 PM
When the Fed started cutting in 2024 they saw:
2025 Inflation: 2.2% (It is 3%)
2026 Inflation: 2.0% (Anyone still find that possible?)
They saw 2025 unemployment rate at 4.4% which is where we are.
So after 6 cuts - worse inflation & expected unemployment. But 3 cuts next yr?
2025 Inflation: 2.2% (It is 3%)
2026 Inflation: 2.0% (Anyone still find that possible?)
They saw 2025 unemployment rate at 4.4% which is where we are.
So after 6 cuts - worse inflation & expected unemployment. But 3 cuts next yr?
November 21, 2025 at 6:17 PM
When the Fed started cutting in 2024 they saw:
2025 Inflation: 2.2% (It is 3%)
2026 Inflation: 2.0% (Anyone still find that possible?)
They saw 2025 unemployment rate at 4.4% which is where we are.
So after 6 cuts - worse inflation & expected unemployment. But 3 cuts next yr?
2025 Inflation: 2.2% (It is 3%)
2026 Inflation: 2.0% (Anyone still find that possible?)
They saw 2025 unemployment rate at 4.4% which is where we are.
So after 6 cuts - worse inflation & expected unemployment. But 3 cuts next yr?
November 20, 2025 at 8:34 PM
I think this Chinese proverb applies rather well to markets:
"One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark."
"One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark."
November 20, 2025 at 7:01 PM
I think this Chinese proverb applies rather well to markets:
"One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark."
"One dog barks because it sees something; a hundred dogs bark because they heard the first dog bark."
We have now lost 58K manufacturing jobs since Liberation Day
November 20, 2025 at 6:23 PM
We have now lost 58K manufacturing jobs since Liberation Day
This reminds me of that scene from Black Sheep where Chris Farley says "thank you little roots, please stay strong"
www.youtube.com/watc...
www.youtube.com/watc...
November 20, 2025 at 6:05 PM
This reminds me of that scene from Black Sheep where Chris Farley says "thank you little roots, please stay strong"
www.youtube.com/watc...
www.youtube.com/watc...
Napier IMO accidentally wrote a profound warning for those investing in American Asset Price Exceptionalism with the discussions of the systems, mechanics, and feedback loops that inflated Asian markets in the 90s - the parallels are stark
November 20, 2025 at 12:33 AM
Napier IMO accidentally wrote a profound warning for those investing in American Asset Price Exceptionalism with the discussions of the systems, mechanics, and feedback loops that inflated Asian markets in the 90s - the parallels are stark
Naturally...
November 19, 2025 at 11:55 PM
Naturally...
Media narrative on NVDA Earnings - great earnings and strong guidance means no AI bubble.
Stop and think about it - the better NVDA does - the bigger the AI bubble is.
Stop and think about it - the better NVDA does - the bigger the AI bubble is.
November 19, 2025 at 10:00 PM
Media narrative on NVDA Earnings - great earnings and strong guidance means no AI bubble.
Stop and think about it - the better NVDA does - the bigger the AI bubble is.
Stop and think about it - the better NVDA does - the bigger the AI bubble is.
First tariff rebates (granted...probably cannot pass) and now ACA subsidy extensions
The one thing that is always bipartisan is being unserious about the deficit
The one thing that is always bipartisan is being unserious about the deficit
November 19, 2025 at 7:12 PM
First tariff rebates (granted...probably cannot pass) and now ACA subsidy extensions
The one thing that is always bipartisan is being unserious about the deficit
The one thing that is always bipartisan is being unserious about the deficit
Since we hit extreme fear a few % ago - what comes after that?
November 19, 2025 at 12:00 AM
Since we hit extreme fear a few % ago - what comes after that?
BESSENT: MAYBE WE CAN PERSUADE AMERICANS TO SAVE TARIFF CHECKS
So I guess it is not just the tax cut LMAO
Godspeed with that persuasion!
So I guess it is not just the tax cut LMAO
Godspeed with that persuasion!
November 18, 2025 at 11:18 PM
BESSENT: MAYBE WE CAN PERSUADE AMERICANS TO SAVE TARIFF CHECKS
So I guess it is not just the tax cut LMAO
Godspeed with that persuasion!
So I guess it is not just the tax cut LMAO
Godspeed with that persuasion!
NatGas traders reading Bloomberg today
November 18, 2025 at 8:56 PM
NatGas traders reading Bloomberg today
I was told nobody would need Google anymore...weird
November 18, 2025 at 8:44 PM
I was told nobody would need Google anymore...weird
Who says trees cannot grow to the sky
November 18, 2025 at 8:28 PM
Who says trees cannot grow to the sky
Great Gavekal (LVG) piece - wrote about a lot of the same themes in our recent Electricity Era piece...
https://https://t.ly/kA5J7
https://https://t.ly/kA5J7
November 17, 2025 at 7:55 PM
Great Gavekal (LVG) piece - wrote about a lot of the same themes in our recent Electricity Era piece...
https://https://t.ly/kA5J7
https://https://t.ly/kA5J7
Ratio Rodeo - A lot of breakouts and potential breakouts versus the $SPY - including many countries and commodities
https://t.ly/GZZwS
https://t.ly/GZZwS
November 16, 2025 at 1:27 AM
Ratio Rodeo - A lot of breakouts and potential breakouts versus the $SPY - including many countries and commodities
https://t.ly/GZZwS
https://t.ly/GZZwS
The Fed has been taking comfort in market based inflation expectations/pricing but...
November 14, 2025 at 9:11 PM
The Fed has been taking comfort in market based inflation expectations/pricing but...
Must Read
Reading Schmitt in Beijing
How China’s rise provoked America’s illiberal turn.
www.foreignaffairs.com
November 14, 2025 at 12:38 AM
Must Read