Europe

Over the past week a lot of digital ink has been spilled trying to preview and predict what will take place during Trump's first official mammoth visit abroad, when over the next 8 days after an overnight flight on Air Force One, Trump will hopscotch from Saudi Arabia to Israel to the Vatican. He’ll close his trip with a pair of summits in Brussels and Sicily. The stakes are great for Trump who makes his debut on the international stage: he’s the first president since Jimmy Carter to not travel abroad during his first 100 days in office.

It has been a day of capitulation for Goldman. Just hours after the bank that controls the White House cut its forecast for Trump tax hikes by nearly 50% from $1.7 trillion to $1.0 trillion, moments ago Goldman, which starts off every single year predicting that 10Y yields will rise to 3.00% (or higher) over the next 12 months - much to our recurring mocking every single year - just cut its 10Y Treasury yield forecast for the end of the year.

Via The Daily Bell

Authored by Soren Kern via The Gatestone Institute,

As one would expect, in a week that saw the biggest one-day drop in US equities since last September, retail investors bailed on US stocks resulting in what BofA dubbed "risk-off flows" as $1.6 billion was pulled from global equities - with active managers once again getting the short end of the stick, with $4.3 billion in outflows from mutual funds, largest in 7 weeks while another $2.7 billion flowed  into ETFs - offset by $9.7 billion inflows to bonds and $0.2 billion to gold.