While the world desperately tries to shrug off the implications of Catalonia's independence vote (and Rajoy's warnings of potential reactions), investors are rapidly exiting positions in Spanish stocks and bonds...
IBEX (the main Spanish stock index) just plunged to its lowest level since March (as European stocks - Stoxx 600 - hits a 4-mointh high)...
And Spanish sovereign bonds are getting clobbered...
Yesterday, DoubleLine's Jeff Gundlach, who correctly predicted the election of Donald Trump, unveiled a new surprise forecast: Neel Kashkari would be the next chairman of the Federal Reserve. Speaking Tuesday at a Vanity Fair summit in Los Angeles, Gundlach said Kashkari, president of the Minneapolis Fed, was a strong advocate of easy money.
With the race for the next Fed chair in its final stretch as Trump is now expected to make his decision over the next few weeks, and following recent reports from Bloomberg, Politico and the WSJ, the three frontrunners to replace Yellen, according to PredictIt, are Kevin Warsh, Jerome Powell, Gary Cohn and unexpectedly, Neel Kashkari, following yesterday's endorsement by Jeff Gundlach...
... Bank of America has put together a handly cheat sheet laying out a summary of the major views by the 4 key contenders.
Since Janet Yellen last spoke (shifting hawkish), the dollar and bond yields have surged (as have the odds of a Dec rate-hike).
Since Yellen last spoke...
It is unclear whether today's opening remarks at the fifth annual Community Banking in the 21st Century conference at the Federal Reserve Bank of St. Louis, will offer any new insights on monetary policy direction but given President Trump's 'shortlist', it may well be among her last public appearances as Fed Chair.
A new study of public pension returns by Cliffwater LLC has found that the median U.S. state pension plan returned just 5.9% annually over the 10 years ended June 30, 2016. Meanwhile, as Pension and Investments notes, the top performing state pension, the $15.6 billion Oklahoma Teachers' Retirement System, was the only fund that managed to eek out a return over 7% during the same period.