“This week the market struggled to readjust its expectations for US government policy following the move away from health care reform. Client conversations make clear that investors fall into two camps: The first group worries that the failure to â€œrepeal and replaceâ€ the Affordable Care Act is a sign that other items on the policy agenda are less likely to be enacted than they had hoped. Others are encouraged about the shift in focus to tax reform as the new top priority for the administration.”
“As a Nation, we must develop meaningful strategies to eliminate these crimes, including increasing awareness of the problem in our communities, creating systems that protect vulnerable groups, and sharing successful prevention strategies.”
Think back to February 9, when Donald Trump was telling airline executives about how they’ve “done an amazing job,” and about how, much like the President himself, they’re “under pressure from a lot of foreign elements.”
“While the Bloomberg Dollar index edged up to the highest level in more than a week on Friday as supporting month-end flows outweighed profit-taking interest after yesterday’s rally, this is still on track to be the worst quarter in a year for the index. By contrast, gold is heading for its best quarter in a year.”
“First of all, other than having the dubious honor of calling the coming catastrophe, why this insistence on hoping to find it behind every sell order? There will be plenty to write about when it happens.”
A little (possibly coordinated) help from i) a Fed that’s rolling out a cautiously hawkish message (again), ii) an ECB that’s suddenly walking back its hawkishness (i.e. leaning dovish – again), iii) some underwhelming inflation data out of Germany, iv) a subsequent widening of UST-Bund spreads, all conspiring to support the dollar, and just like that… f*cking presto… higher stocks as the reflation meme is viable again.
To be sure, we’ve all had a long time to prepare for Brexit. So long, in fact, that I no longer have to put the word Brexit in scare quotes. Thanks to the infinite wisdom of Nigel Farage (and a whole bunch of people who, based on Google Trends, didn’t have any idea what the EU was before they voted to leave it), Brexit is now a real proper noun.