Daily Comment

Daily Comment (May 23, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s looking a bit ugly out there this morning for risk assets.  Equities and most commodities are lower, while gold, Treasuries and the JPY are higher.  This is a classic pattern of flight to safety buying.  Here is what we are watching: Twin crises: Turkey and… Read More »

Daily Comment (May 22, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Financial markets are quiet this morning.  This is what we are watching this morning: The problem of priorities: There is a stock scene in most action movies where the hero is surrounded by bad guys but, inexplicably, they attack one at a time.  The hero fends… Read More »

Daily Comment (May 21, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday!  There was a lot of weekend news.  Let’s dig in: Trade war postponed: Yesterday, Treasury Secretary Mnuchin announced that China and the U.S. have postponed any trade actions while talks continue on the structure of the trading relationship.  Equity prices rose, the dollar moved… Read More »

Daily Comment (May 18, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Friday!  Financial markets are mostly flat this morning.  This is what we are watching: Italy: The FT[1] is reporting that the Five-Star Movement and the League have reached a deal to form a government, although the prime minister post has not been settled.  We would… Read More »

Daily Comment (May 17, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Financial markets are quiet this morning.  This is what we are watching: More in Italy: Governments are powerful but not omnipotent.  When financial markets turn on a country, it can force unwelcome policy changes.  The populists in Italy are finding this out the hard way.  As… Read More »

Daily Comment (May 16, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s mid-week!  Here is what we are watching this morning: A DPRK snag?  Yesterday afternoon, the Kim regime turned hostile, calling off talks with South Korea and threatening to cancel the summit meeting with President Trump.  There is a lot of uncertainty around this sudden change… Read More »

Daily Comment (May 15, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Risk markets are under some pressure this morning.  Here is what we are watching this morning: Clarida to the Hill: Richard Clarida, Columbia University economist and Global Strategic Advisor for PIMCO, testifies before the Senate Banking Committee on his way to a confirmation vote.  Michelle Bowman,… Read More »

Daily Comment (May 14, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday!  Here is what we are watching this morning: ZTE relief? In a surprise announcement, President Trump tweeted that he is seeking some sort of relief for the embattled company.  ZTE (ZTCOF, 2.26, delayed) is under a rather harsh penalty from the Commerce Department for… Read More »

Daily Comment (May 10, 2018)

by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] BOE meeting: The BOE results were neutral to hawkish.  Rates were left unchanged, as expected, but the vote was 7-2 with the dissenters voting for a hike.  The press conference and the statement were rather dovish, belying the vote.  Markets took the results as moderately… Read More »

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