Daily Comment
Daily Comment (January 23, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] After all the news from yesterday, markets are fairly quiet this morning. This is what we are watching today: The shutdown ends: And it ends with mostly a whimper. Democrat Party leaders essentially ended the shutdown with a promise for a vote on DACA and an… Read More »
Daily Comment (January 22, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The media is focused on the government shutdown but, if the markets are a guide, there isn’t much to see. This is what we are watching this morning: BREAKING: The IMF has boosted its estimate for global GDP to 3.9%, up 0.2%, in part due to… Read More »
Daily Comment (January 19, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] We are seeing continued strength in equities this morning and a modest decline in Treasuries. Here are some things worth noting today: Shutdown looming: Although a continuing resolution passed the House rather easily, it looks like a long shot for the Senate to pass a similar… Read More »
Daily Comment (January 18, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] We are seeing a modest retreat in equities this morning after a major rally yesterday. The dollar is weakening after rising yesterday as well. Here are some things worth noting this morning: China’s GDP: Although a highly manipulated number, last year’s GDP rose 6.9%, a bit… Read More »
Daily Comment (January 17, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Financial markets were mostly quiet overnight. Yesterday turned out to be a rare down day for equities but futures are signaling a higher opening this morning. Treasury yields are modestly higher. Here is what we are watching this morning: A continuing resolution: Congressional leaders are likely… Read More »
Daily Comment (January 16, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Welcome back from the long weekend! In a sense, not much has changed—equity markets continue to move higher. Here are the news items of note: Germany’s political turmoil continues: The EUR has dipped this morning, a pause in a torrid appreciation, as two items are raising… Read More »
Daily Comment (January 12, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Coalition deal in Germany: This morning, Chancellor Merkel announced that an agreement has been reached to form a conservative coalition with the Social Democrats (SPD). This agreement will likely pave the way for Merkel to finally form a new government after months of negotiations following… Read More »
Daily Comment (January 11, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Chinese pullback in Treasuries: Yesterday, citing an anonymous source, Bloomberg News reported that China is considering reducing or halting its purchases of U.S. Treasuries; China has since denounced the report as “fake news.” Initially, U.S. Treasuries, the dollar and U.S. equities fell on the news,… Read More »
Daily Comment (January 10, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The problem with bonds: Bond yields jumped yesterday with the 10-year T-note yield breaching 2.55%, breaking 2.50% for the first time since March. There appear to be two catalysts behind the jump. First, the BOJ reduced its purchases of bonds; it should be remembered that… Read More »