Having been leaked to most major news organizations last night, President Trump is fully expected to announce that Fed governor Jerome "Jay" Powell is Janet Yellen's replacement as the next bank-friendly Fed chair.
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It’s often said in financial markets that correlation does not mean causation. On some occasions, however, denying the causation seems so outlandish to be, frankly, preposterous. As a case in point, Institutional Investor (II) discovered a newly published academic work investigating the investment returns of SEC employees. It turns out those guys are surprisingly good.
According to II, employees at the Securities and Exchange Commission may benefit from divesting companies ahead of investigations, research shows.
Authored by Nick Cunningham via OilPrice.com,
The just released Tax Cut And Jobs Act (surprisingly, the "Cut Cut Cut Act" moniker was quietly rejected), has 429 pages, which however was not an obstacle for UBS bankers to read it and, within the hour, not only opine on it, but throw up on its chances of passage.
Last weekend, Goldman's clients were nervous: after 16 months without a 5% pullback in stocks, they were afraid that a steep correction could take place at any moment.