Having hiked rates into rising inflation and slumping economic growth in March (the weakest quarterly growth for a rate hike period since 1980), and continuing to proclaim a victorious normalization looms - despite collapsing economic data (except payrolls), it seems an auto-pilot Fed is much more set on hiking rates than the market believes.
Authored by David Stockman via The Daily Reckonig blog,
Yesterday I said the Donald was absolutely right in canning the insufferable James Comey, but that he has also has stepped on a terminal political land-mine. And he did.
When it comes to infrastructure, BlackRock’s CEO, Larry Fink, has it right. The head of the world’s largest asset management company, and a member of President Trump’s Strategy and Policy Forum, is beating the privatization drums. As Fink recently put it: "These [infrastructure] projects must deliver competitive returns and that will often require efficiencies that can only be achieved through private ownership.” Hopefully Fink delivered that message in April at the Strategy and Policy Forum at the White House.
Today Bank of America released its annual "Institutional Factor Survey", i.e., questionnaire targeting market quants (but not only), which seeks to assess which factors and attributes are most important in the current environment to clients in selecting securities.
After 13 straight days higher - the longest streak since 1991 - the greek stock market fell today. This drop comes a day after we warned of the misplaced confidence surrounding the Greek government's decision to issue debt once again...