Business

In the past month, not a day has passed without some major sellside firm (yes, that also now includes traditional bull Goldman Sachs) releasing its bearish take on deteriorating fundamentals, and urging clients to not only not buy the rally but sell into it (and as both retail and "smart money" flows indicate, this advice ha been heeded). Today it's JPM's turn. In the latest note is out of JPM's Mislav Matejka, the equity strategist presents five reasons why "upside for stocks is limited" due to numerous reasons but mostly because "global activity momentum is failing to pick up."

Following the two polls overnight pointing to a significant lead for "leave" over "remain" in the Brexit vote, as we noted, cable tumbled and volatility premia spiked as Brexit odds surge to their highest yet. This pushed UK PM David Cameron into full panic mode, explaining that "we're not scaremongering," Cameron then said during an interview that Brexit would put a "bomb under our economy, and the worst thing is, we'd have lit the fuse ourselves."

By EconMatters

We delve into some of the recent criticisms of the Federal Reserve in this video. In response to whether the Fed is leading the market, or vice versa Lockhart states that it is a "Dance" regarding market expectations.

Last month's major divergence between payrolls and The Fed Labor Market Conditions Index (LMCI) has closed somewhat with the collapse in jobs on Friday. However, as this morning's LMCI print at -4.8 indicates, labor market conditions in the US are deteriorating at their fastest pace in 7 years.

The 19-factor labor market conditions index developed by The Fed is not
singing from the same Koombaya "everything is awesome" hymn-sheet that
The White House would prefer...

The -4.8 print was considerably worse than the -0.8 expectation.

McKinsey, known as one of the world's most influential consulting firms, has another business line that hasn't been talked about much until recently - a little known investment arm called McKinsey Investment Office (MIO).