‘Tell That To Rain Man’

“Either way, you gotta be super smart to run a country and sell vol. buddy, okay? It’s not easy.”

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1 Million.

“It’s not crazy”…

La, La, La.

Finally, in case you haven’t had enough of “connecting the dots” today, here’s another exercise for you…

Dollar On The Move, EM Under Pressure As Fed Holds Firm On Trajectory

Dollar bears on the back foot all of the sudden…

Dollar, Yields Rise While Stocks, Gold Dip On ‘Hawkish’ Fed

The Fed still sees another hike in 2017, perhaps proving that they are in fact leaning in the direction of looking through subdued inflation in the interest of safeguarding financial stability. 

Fall Guy

“The de-dollarization of the financial system will not be an overnight event.”

Apocalypse Now (Again).

Well for those who had their doom bunkers all prepped and ready, there’s “good” news on Tuesday – the apocalypse is back on.

‘We Fear Gold, Bonds, And Stock Prices May All Suffer A Sudden Drop’

“With the Fed’s balance sheet poised to contract and financial conditions set to tighten either steadily or abruptly, we fear gold, fixed income, and equity asset prices may suffer a sudden drop.”

Watching Paint Dry. Illogically.

As one reader put it earlier today, “is just being open for trading” a good enough reason for stocks to rally? 

You May Have Had A Better Week Than Some Quants

…it’s fair to ask if maybe the CTA crowd had a bad week. Because long Treasurys and short USD wasn’t exactly how one would have wanted to be positioned ahead of the “no apocalypse” risk rally that saw 10Y yields rip 18bps higher off the previous Friday’s lows while the dollar put in one of its best five-day stretches of 2017.

Friday.

This time last week, everyone thought we’d all seen our last Friday.

Them’s Fightin’ Words.

There’s tension in the air.

CPI Beats, Dollar, Yields Jump

CPI rose 0.4% vs est. 0.3%
Forecast range from up 0.2% to up 0.4% from 76 estimates
Ex. food, energy up 0.2% vs est. 0.2%
CPI y/y rose 1.9% vs est. 1.8%

Presenting: An Indispensable Dollar Checklist

There have been all sorts of labored attempts to explain how this isn’t all Trump’s fault and because nothing is ever entirely attributable to a single factor, those efforts are not totally in vain. That said….

You Should Have Just Gone To The Bar.

Generally speaking, this week’s theme (reflation back on in the U.S. as stocks, the dollar, and yields all rise in tandem) held, as there was no news “bigly” enough to change the narrative.