Business

In a dramatic appeal for rationality at the Fed, Bank of America's global FX strategy team today released a note titled "take that punch bowl away", which laments that while central banks backtracked from their hawkish recent rhetoric this week, it warns that "they will be sorry if they allow bubbles" and predicts that vol will increase this fall adding that the bank remains "cautious and selective in EM FX, despite the Fed-triggered rally this week."

After Yellen's unexpectedly dovish Congressional testimony on Wednesday, Goldman's chief economist, Jan Hatzius, who previously was especially bullish on the US economy and expected as many as 4 rate hikes in 2017, took an axe to its tightening forecast, and noting Janet's latest commentary, said "in our view, this reduces the probability of a July announcement and raises the likelihood of a September announcement. As a result, we now think that there is a 10% (vs.

Authored by Charles Hugh Smith via OfTwoMinds blog,

A world in which "we do these things because they're easy" has one end-state: collapse.

One month after Goldman CEO Lloyd Blankfein trolled Donald Trump, when on June 9 in only his 4th ever tweet, the chief executive sarcastically said on Twitter "Just landed from China, trying to catch up.... How did "infrastructure week" go?" moments ago Jamie Dimon, in very uncertain terms, lashed out at the gridlock in Washington in general, and - according to some - president Donald Trump in particular (despite Dimon's subsequent clarification that that was not the case).

Joining the trifecta of reporting (and beating) banks, Wells Fargo also reported better than expected Q2 EPS of $1.07 (exp. $1.01) despite missing on the top line (revenue of $22.2bn vs exp.