Daily Comment

Daily Comment (January 17, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Equities are drifting lower this morning.  Here is what we are watching: Brexit: After facing the largest defeat in modern Parliamentary history, PM May survived a no-confidence vote but not by a great margin.[1]  We have been discussing Brexit at length, so we don’t have much… Read More »

Daily Comment (January 16, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] All eyes are on the U.K. but financial markets are coping with the uncertainty rather well.  Here is what we are watching this morning: Brexit: PM May suffered a historic defeat. It is the largest defeat in the modern era, with her margin of defeat at… Read More »

Daily Comment (January 15, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are roughly flat, giving up most of their overnight gains.  Asia was higher on hopes of Chinese stimulus, but the big news is that today is Brexit Day.  Here is what we are watching this morning: Brexit: So, it all comes down to… Read More »

Daily Comment (January 14, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s risk-off this morning.  Global equities are lower on fears of a Chinese economic slowdown and on the U.S. government shutdown.  Here is what we are watching this morning: China: December exports fell 4.4%,[1] well more than forecast, but imports fell even more, slumping 7.6%.  The… Read More »

Daily Comment (January 11, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are modestly lower this morning in a very quiet market.  Yesterday, we started the day lower but moved higher.  Although much of the rally was probably due to Chair Powell’s “patient” speech, it also points to a different market tone.  Last month, rallies… Read More »

Daily Comment (January 10, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are lower this morning as the markets take a “pause to refresh.”  Here is what we are watching this morning: Oh, that’s what you meant: The FOMC minutes were released yesterday and signaled a decidedly dovish turn in policy.[1]  The text of the… Read More »

Daily Comment (January 9, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are higher again this morning as the recovery continues.  Here is what we are watching today: Shutdown: The president went primetime last night to make his case for a wall.  The Democrats responded.  Nothing has changed and the shutdown drags on.  For the… Read More »

Daily Comment (January 8, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are higher this morning as the recovery continues.  Here is what we are watching today: Fed news: Atlanta FRB President Bostic suggested that the policy rate may be near neutral and perhaps only one more increase is needed.[1]  Bostic has made it clear… Read More »

Daily Comment (January 7, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] U.S. equity futures are flat this morning after a strong rally on Friday.  Here is what we are watching this morning: Powell the dove: Chair Powell participated in a panel discussion on Friday that included former Fed Chairs Bernanke and Yellen.  He pretty much said everything… Read More »

Daily Comment (January 4, 2019)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] After a hard sell-off in equities yesterday, we are seeing a bounce this morning.  Boosting sentiment are hopes for a dovish tone from Chair Powell, a reserve rate cut in China and the opening of formal trade talks between the U.S. and China.  We cover the… Read More »

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