Strategist: Go To The Party But For God’s Sake, “Know Where The Nearest Exit Is”

“There’s certainly no guarantee that the party stops any time soon. Maybe I am just a grumpy macro man, but even when attending the party, I am going to make sure I know where the nearest exits are located.”


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.”

Fed Minutes: Full Breakdown

In the lead up to the release of the Fed minutes, stocks were buoyant as was the broad dollar following Wednesday morning’s ADP beat. Meanwhile, 10Y yields exhibited a bit less enthusiasm, falling after EIA data turned out to be a bit more “supply-ish” than Tuesday’s API print seemed to presage and perhaps indicating that…

Lacker Resigns From Fed

“Jeff Lacker, Richmond Fed president, says he is resigning effective today after improperly disclosing confidential Fed information, NY Times said in tweet.”