Daily Comment
Daily Comment (November 23, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] U.S. stock futures moved mostly sideways after reaching a record high over the past two days. There was little additive news to the macro and political news that have carried the U.S. reflation trade recently. President-elect Trump gave an interview to the NYT yesterday… Read More »
Daily Comment (November 22, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] Equities continue to move higher in the post-election environment. This rise is coming in the face of virtual certainty that the FOMC will raise rates next month. We may be starting to see a shift in market sentiment away from the focus on monetary… Read More »
Daily Comment (November 21, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] The weekend’s news flow seemed to be all about the president-elect. Perhaps the most interesting was an interview in the Hollywood Reporter[1] with Steve Bannon, the incoming president’s chief strategist. Bannon outlined his policies and it dovetails with our read on him and the… Read More »
Daily Comment (November 18, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] It was another quiet night with lots of political speculation and some news. Gen. Michael Flynn was apparently offered National Security Advisor, and Sen. Jeff Session has been offered Attorney General, according to the AP. Meanwhile, in the markets, we are seeing some moderation… Read More »
Daily Comment (November 17, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] In terms of market and economic news, it was a fairly quiet night. Chair Yellen gave testimony before the Joint Economic Committee of Congress. The prepared remarks were, for the most part, unremarkable. There was no mention of the new president which, for Yellen,… Read More »
Daily Comment (November 16, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] After a day of profit taking, the previous trends have returned; the dollar is up as are Treasury yields. Gold prices are lower. Oil prices are giving back some of their large gains from yesterday as the API data showed a larger than expected… Read More »
Daily Comment (November 15, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] It looks like we are getting a profit taking day across the financial and commodity markets, with Treasuries, oil and gold rallying, while the greenback takes a breather. Equities are modestly higher. We see a couple of items in play. First, numerous markets have… Read More »
Daily Comment (November 14, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] The Trump market effect continues this morning; equities are flat to higher, but the most consistent market action has been in interest rates and the dollar, which continue to march higher. Like everyone else, we are trying to determine the impact of Trump’s policies… Read More »
Daily Comment (November 11, 2016)
by Bill O’Grady, Kaisa Stucke, and Thomas Wash [Posted: 9:30 AM EST] It’s Veteran’s Day—thanks to all those who served. The cash Treasury markets are closed but the futures are trading. Equities are open all day. BREAKING: Vice Chair Fischer said this morning that policy rates will rise more slowly and less high than in previous… Read More »