Guest Post: Trump In Wonderland

“They are incapable of creating a deception when they need it – the conceptual difference between a deception and a lie seems to elude them — so they lie instead, and when they are called on a lie, they lie more and blame facts, which further undermines their credibility until there is none left. As a result, after less than a month in office, Trump had to declare war on facts and pronounce the press the enemy of the people.”

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Fed Minutes: “Soon” Or “Soon”-ish

“Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation. A number of participants pointed out that clarification of prospective fiscal and other policy changes would remove one source of uncertainty for the economic outlook.”

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The Ugly Truth About ETFs Is Revealed (In A Footnote)

“[This assumes] the ETF secondary market remains balanced between buyers and sellers. this higher liquidity profile of ETF assumes secondary market liquidity does not disappear, which may be the case in theory during a sell-off or a one-way market. In these instances, the client (sale) order execution would require tapping underlying market liquidity. ETF liquidity would then just be the same as that of the underlying assets. If these underlying exposures are not liquid, ETFs would be not liquid either.”

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