Daily Comment
Daily Comment (October 30, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was a heavy weekend of news. Let’s dig in: Manafort, Gates indicted: Paul Manafort and his former business associate, Rick Gates, were indicted this morning and told to surrender to the FBI. Latest reports indicate that Manafort and his former partner will face charges related… Read More »
Daily Comment (October 27, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] As we detail below, Q3 GDP came in stronger than forecast. And, yesterday’s spate of tech company earnings were quite solid. Equities and the dollar continue to rally and interest rates are grinding higher. Here is what we are watching: A budget passes the House: As… Read More »
Daily Comment (October 26, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s a news-heavy morning. Here is what we are tracking: Yellen out? Politico is reporting that the president has narrowed the field for Fed chair, eliminating Gary Cohn yesterday and also Yellen. Although the source from Politico, Ben White, is generally reliable, in the same report,… Read More »
Daily Comment (October 25, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Financial markets are a bit weaker this morning—equities are signaling a softer opening while Treasuries are continuing to take on water. There is a lot going on; this morning we are focused on the following issues. Xi sets Standing Committee: The new Standing Committee of the… Read More »
Daily Comment (October 24, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Here is a recap of what we are watching this morning: Xi elevated: Although the news is rather obscure to Western eyes, “Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era” was added to the Chinese constitution today. Such thoughts, such as Jiang Zemin’s… Read More »
Daily Comment (October 23, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] There was (and is) lots of news. Let’s dig in: Abe in a landslide: PM Abe’s gamble to call early elections looks like a winner. The LDP and the rest of Abe’s ruling coalition will take 313 seats, giving him a “supermajority” of more than 310… Read More »
Daily Comment (October 20, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Risk-on returned to the financial markets this morning, with the dollar and equities higher and Treasuries and gold lower. The possibility that John Taylor could be the next Fed chair along with hopes of tax reform are boosting risk assets this morning. Chair talk: There are… Read More »
Daily Comment (October 19, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Something unusual is happening this morning…equity futures are pointing to a lower opening. At the time of this writing, S&P futures are indicating about a 0.5% decline. In the sea of calm we have been operating in, such a modest decline does look rather different. We… Read More »
Daily Comment (October 18, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Tax reform: Senate Republicans are moving closer to tax reform as 50 senators have agreed to begin debate on a budget resolution. In order for tax reform to happen, the Senate must first pass a budget appropriations bill. Currently, there appear to be a few… Read More »