Between the market reaction to incessant Fedspeak…
…and the Tiny Tim-ish Christmas miracle we all experienced on Tuesday night when Donald Trump proved he could read off a teleprompter…
70 year old Reality TV Narcissist reads off teleprompter & people think a Christmas Carol miracle has occurred
— Nicola Duke 🏴 (@NicTrades) March 1, 2017
… it’s easy to forget that France is on the verge of descending into nationalist hell.
So lest it should slip your mind that for every “success” Trump has, the odds of a French electoral “accident” increase, consider once again the disconnect between asset prices and policy uncertainty in Paris as illustrated here by HY spreads versus the EPU:
(BofAML with Heisenberg’s big red additions)