One of the caveats in Goldman’s outlook centered around the idea that tax cuts might not materialize or, perhaps more appropriately, that this process will continue to be so fraught as to make it a source of ongoing angst as opposed to a reason to celebrate.
And you know what? It won’t matter.
Just how nervous did folks get during the junk bond rout that finally took a breather when spreads tightened materially on Thursday?
“That’s one small step for rich people and corporate ‘citizens’ and one giant leap for Republicans who can’t get shit done”…
Not what I would call an “upbeat” session.
Thursday, bloody Thursday.
Well, if you’re in risk assets – or short vol. – you probably feel like the world is conspiring against you on Thursday.
Are we there yet?
Nobody strike a match.
“Seeing is believing.”
“The Trump administration has prepared an executive order that would unravel Obamacare’s individual mandate, but”…
” Stock ownership is highly concentrated among the wealthiest 1 percent of Americans – and half of all Americans don’t own a single share of stock – so the Republican plan will be a bonanza for America’s richest.”
That may indeed be “the plan” but you know what they say about the “best laid plans” – something about how they often go awry as soon as a sitting President calls a Senator from his own party ‘Liddle Bob on Twitter.
And that, folks, is the week.