With every passing day, the Fed is slowly losing the game, a point made earlier today by SocGen's Albert Edwards who wrotes that "Citizens Will Soon Turn Their Rage Towards Central Bankers."
For the embattled British Prime Minister Theresa May, the Brexit negotiation is rapidly turning into one of the circles of hell, with the British PM, desperate for some shred of consensus, suddenly finds herself making concessions left and right, and even as she refuses to be talked into a "soft Brexit" trap, with the tens of billions in obligations it would entail, she finds she may have no choice but to yield on many other topical issues, and that's without even getting into who keeps control over euro clearing, or the appeals to the European Court of Justice.
Authored by Patrick Buchanan via Buchanan.org,
In the first round of the special election for the House seat in Georgia’s Sixth District, 30-year-old Jon Ossoff swept 48 percent. He more than doubled the vote of his closest GOP rival, Karen Handel.
A Peach State pickup for the Democrats and a huge humiliation for President Trump seemed at hand.
But in Tuesday’s final round, Ossoff, after the most costly House race in history, got 48 percent again, and lost. If Democratic donors are grabbing pitchforks, who can blame them?
Following disappointment from China last week, and Europe this morning, US PMIs (both manufacturing and services) dropped and disappointed as it appears the lagged impact of China's slumping credit impulse are finally hitting the world's economies.
With 'hard' data collapsing to 13 month lows, it is not surprising that 'soft' survey data is finally catching down with Manufacturing at 9-month lows.
Who could have seen this tumble in 'soft' data coming?
Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: according to Bloomberg, last year's rebalance helped propel a near record turnover of over 15 billion shares, as a result of the $8.5 trillion in stocks linked to the various Russell indices, many of which will be forced to find new owners after today's index recomposition. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.