Daily Comment
Daily Comment (July 26, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good Wednesday morning! It’s Fed day. Other than that, we continue to see the major U.S. equity indices quietly make new highs. Good earnings and nothing earthshattering coming from Washington are playing a role in lifting equity values. Here are the news items of interest today.… Read More »
Daily Comment (July 25, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s another quiet summer trading day. Here are the items making news: The FOMC meeting begins later today: The Fed has created a problem for itself. The U.S. central bank meets every six weeks (or eight times per year), but because it makes four meetings out… Read More »
Daily Comment (July 24, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s another quiet, summertime session. Here are the items we are watching this morning: OPEC meeting: The OPEC meeting is wrapping up with no new production cuts. However, Saudi Arabia has promised to reduce its oil exports which is modestly positive. As we noted last week,… Read More »
Daily Comment (July 21, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Friday! Here are the items we are following this morning: Pardon me: Numerous media reports indicate that the Trump administration is exploring pardoning options and ways to ring fence Special Counsel Mueller’s investigation. There are overtones of Nixon in these comments. First, seeking pardons when… Read More »
Daily Comment (July 20, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equity markets continue their quiet rise to new records. Here are the items we are watching this morning. ECB, BOJ lean dovish: The BOJ came out overnight with nothing that wasn’t unexpected. It is clear the bank won’t reach its inflation targets anytime soon, so it… Read More »
Daily Comment (July 19, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT]The summer doldrums are upon us. Financial markets are very quiet this morning in front of tomorrow’s ECB meeting and press conference. Here is what we are watching this morning: The ECB: The EUR has been rising recently, in part due to expectations the ECB will… Read More »
Daily Comment (July 18, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Although global equity markets are steady to lower this morning, there is a lot of action in the forex markets. The dollar is sliding on a combination of lower expectations for Fed policy tightening and the lack of policy progress from the Trump administration. Here are… Read More »
Daily Comment (July 17, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It was another quiet weekend. Here are the news items we are tracking this morning: China economy: GDP, somewhat predictably, came in a bit stronger than expected, at 6.9% (y/y%). It’s important to remember that China can generate any growth number it wants as long as… Read More »
Daily Comment (July 14, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] The CPI data came in weaker than expected, sending the dollar and Treasury yields lower. We examine the data in the context of policy using our Mankiw model variations below. Outside the inflation numbers, here are some of the other news issues we are tracking this… Read More »