Daily Comment

Daily Comment (June 5, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  The risk-on rally that began yesterday is continuing this morning.  The ADP employment data was very weak (see below) and is prompting a strong rally in fixed income.  Here is what we are watching today: What prompted the rally?  Much of the lift… Read More »

Daily Comment (June 4, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  It’s the 30th anniversary of the Tiananmen Square crackdown.  President Trump’s visit to the U.K. continues today.  We are seeing a bit of risk-on this morning as equities make a modest recovery.  Here is what we are watching today: Fed meets in Chicago:… Read More »

Daily Comment (June 3, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] We bid welcome to June!  Like the St. Louis Cardinals, we are more than happy to see May in the rearview mirror.  However, like the other major league baseball team in the state, June may not be much better.  POTUS is in the U.K.  Trade… Read More »

Daily Comment (May 31, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good (?) morning!  It’s ugly out there this morning; markets are in full risk-off mode, with all the flight to safety assets (yen, gold and Treasuries) rallying, while equities and commodities are falling.  A surprise new tariff was announced on Mexico.  Chinese data underwhelms and… Read More »

Daily Comment (May 30, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  It was a quiet overnight session with some modest recovery in risk assets after the recent sell-off.  The U.S. released a plethora of data this morning, which we cover in detail below.  Most of Europe is closed for Ascension Thursday.  Here is what… Read More »

Daily Comment (May 29, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  Risk-off is dominating the financial markets this morning.  Here is what we are watching: Global bonds: U.S. 10-year Treasury yields are falling toward the 2.20% level and yields around the developed world continue to spin lower.  Although most economic indicators continue to signal… Read More »

Daily Comment (May 28, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning and welcome back from the long weekend.  Although financial markets are mostly steady, there was lots of news over the holiday.  Here is what we are watching: European elections: EU elections ended over the weekend and the cross-currents are complicated.  Here are the… Read More »

Daily Comment (May 24, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  U.S. equity futures are recovering after a hard break yesterday.  PM May is on her way out.  There is hope of a break on the China/U.S. trade dispute.  Here is what we are watching: Trade: There was mixed news on the trade front. … Read More »

Daily Comment (May 23, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning!  U.S. equity futures are modestly lower this morning.  There is a lot of news to digest this morning.  Here is what we are watching: Trade wars: There is little evidence that the trade situation in China is improving.  If anything, conditions are worsening. … Read More »

Daily Comment (May 22, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] (N.B.  We are making a modest change today in this report.  Instead of footnoting links to news items, we are moving to using hyperlinks.  To see the linked story, simply click the underlined and highlighted item in the report.  This is a more “modern” way… Read More »

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