Daily Comment

Daily Comment (August 8, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Today’s trade is becalmed—there is nothing major happening in any markets thus far.  This sort of activity is very typical for August.  Here is what we are watching today. Trade news: The U.S. announced that $16 bn of Chinese imports will face an additional 25% tariff.[1] … Read More »

Daily Comment (August 7, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] We are seeing some risk-on behavior this morning; global equities are moving higher, the dollar is a bit weaker, precious metals are stronger and Treasury rates are rising.  Here is what we are watching today. Primaries today: The media will be mostly focused on primaries being… Read More »

Daily Comment (August 6, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets are rather quiet this morning, a reflection of the “dog days” of summer.  However, there was a lot of news over the weekend.  Let’s dig in: Trade talks: China indicated it is preparing for a protracted trade war.[1]  In a new turn, Chinese state media… Read More »

Daily Comment (August 3, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Beer Day![1]  Also, it’s employment data day.  We detail the data below but the quick take is that the data is a bit better than expected but not so strong as to change policy.  Financial markets are treating the report with some caution, mostly due… Read More »

Daily Comment (August 2, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a risk-off morning.  The news driving the weakness in equities appears to be related to escalating trade tensions with China.  Here is what we are watching this morning: Trade update: Yesterday, there were reports that the White House was considering increasing the tariff rate on… Read More »

Daily Comment (August 1, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy August!  Summer is winding down—it seems like it just started.  Here is what we are watching: The Fed: The meeting ends this afternoon.  No rate hike is forecast.[1]  The only item of interest will be the statement, which probably won’t tell us anything.  Even so,… Read More »

Daily Comment (July 31, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s July 31st, the Feast Day of St. Ignatius of Loyola, the founder of the Society of Jesus (Jesuits).  Here is what we are watching: BREAKING: CHINA SEEKING NEW TRADE TALKS TO DEFUSE TRADE WAR.  EQUITIES RISE ON NEWS. BOJ: The BOJ has spoken and not… Read More »

Daily Comment (July 30, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Today we kick off central bank week.  The BOE, BOJ and Fed all meet this week.  The last meeting is probably of least consequence.  Here is what we are watching: BOJ: The BOJ has clearly spooked the market; the Japanese central bank’s current policy is to… Read More »

Daily Comment (July 27, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s GDP day!  We detail the data below but the quick take is that it was a very solid number, up 4.1%.  Unfortunately, hyperbolic comments from the White House in front of the report increased the odds of disappointment.  The initial market reaction is showing disappointment. … Read More »

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