Business

The New York Teamsters Road Carriers Local 707 Pension Fund has won the unfortunate award for "First Pension to Officially Run Out of Money."  According to the New York Daily News, and a host of angry former truck drivers who've had their pension benefits slashed, the Pension Benefit Guaranty Corp. (PBGC) has officially been forced to step in and take over payments to retirees of the Local 707, albeit at a much lower rate.

Teamsters Local 707’s pension fund is the first to officially bottom out financially — which happened this month.

 

After a volatile day of White House rumors and denials, and OPEC headlines, WTI and RBOB ended the day lower ahead of tonight's API data which showed a slightly smaller than expected crude build (+2.5mm against expectations of +3mm). However RBOB prices tumbled after an unexpected build.

API

Update: the March odds continue to surge and are now at 76% and rising.

And as the next chart shows, typically a probability of 70% or higher is sufficient for the Fed to hike. That said, there is a still a long time between now and the FOMC meeting, and we still have to get through the Trump speech.

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The Fed is really doing its best to convince the market that a March rate hike is coming, and it seems to be working.

Just because...

The Record Winning Streak Is Over...

They desperately tried to ramp it but failed

NOTE: Today was the worst day for Small Caps since October

For nine straight days, the buy-the-f##king-dip crowd has been ubiquitous. Day after day the 'checkmark' pattern has confirmed what JPMorgan detailed about retail ETF-flow-driven buying panics into the end of day liquidity.