Daily Comment
Daily Comment (June 4, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday! Equities are ticking higher this morning, walking up a wall of worry. Here is what we are watching this morning: Trade friction: A couple of weekends ago, Treasury Secretary Mnuchin declared a ceasefire on trade. It didn’t last very long. Over the weekend, meetings… Read More »
Daily Comment (June 1, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy employment day! We cover the data in detail below but the quick snapshot is that the numbers are showing clear and increasing evidence of a tightening labor market. The unemployment rate dipped to 3.8% (out to three digits, it was 3.755%), payrolls exceeded expectations… Read More »
Daily Comment (May 31, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s the last day of May! Markets are mostly steady, the dollar is a bit weaker and Treasuries are seeing a modest bump in yields. Here is what we are watching this morning: Italian populists try to form a government: Italy’s president has given the populists… Read More »
Daily Comment (May 30, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Financial markets are a bit calmer this morning. Equities are rebounding and Treasury yields are rising. The EUR is also higher. Here is what we are watching: Italy: The populist coalition is trying to revive talks to form a government, perhaps coming up with a less… Read More »
Daily Comment (May 29, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s clearly another “risk off” morning—equities are lower around the world, the dollar, yen and Treasury prices are up, and most other currencies are lower. Europe is the culprit. Here is the story: The Italian job: Over the Memorial Day weekend, Italy’s president, Sergio Mattarella, refused… Read More »
Daily Comment (May 25, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Friday! Here is what we are watching this morning: Capping oil prices: On the eve of the first summer holiday, gasoline prices are becoming an issue. The recent rise in crude oil prices has taken gasoline higher. Although higher gasoline prices are a natural consequence… Read More »
Daily Comment (May 24, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] The two big news items are the deterioration of conditions with North Korea and Trump’s call for a 25% tariff on autos. Here is what we are watching: BREAKING NEWS: PRESIDENT TRUMP CANCELS SUMMIT MEETING WITH NORTH KOREA. What’s going on with North Korea? For most… Read More »
Daily Comment (May 23, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s looking a bit ugly out there this morning for risk assets. Equities and most commodities are lower, while gold, Treasuries and the JPY are higher. This is a classic pattern of flight to safety buying. Here is what we are watching: Twin crises: Turkey and… Read More »
Daily Comment (May 22, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Financial markets are quiet this morning. This is what we are watching this morning: The problem of priorities: There is a stock scene in most action movies where the hero is surrounded by bad guys but, inexplicably, they attack one at a time. The hero fends… Read More »