Europe

Overheard in the Oval Office when Yellen unleashes her rate hike into dismal economic growth expectations tomorrow...

Since the last fed rate hike, bonds are lower, banks are best...

Marine Le Pen blasted a French reporter on Tuesday, accusing the mainstream media in Europe of peddling “fake news.” The outspoken politician accused liberal media in France and across Europe of spreading globalist propaganda when asked by the reporter if she thought the internet was a bad place for audiences to get their information. The reporter told Le Pen that she thought the internet was riddled with fake news, ‘conspiracy theories’, and alternative news websites. This prompted Le Pen to blast the reporter for her hypocrisy.

While Fed Funds futures imply a 100% probability that The Fed hikes rate by 25bps tomorrow, it appears questions over Trump's policy timeline combined with the collapse in GDP expectations has dragged expectations for another rate hike in June back to its lowest since the election...

As GDP growth expectations have plunged so April Fed Funds futures have tumbled - completely against the common sense that The Fed hikes into strength, not weakness...

But the lower chart shows the July futures not following the collapse and fading that disappointment.

Authored by Judith Bergmann via The Gatestone Institute,

FIAT Drainage Has Begun

Vince Lanci for MarketSlant.com

Gold will meet head winds as the world continues to hedge most of its  uncertainty with flights to the USD. Unless that uncertainty abates, it must in the end spread all the way to the US. This will happen regardless of what you think of Trump's policies. Trump may accelerate or slow the inevitable. But Government can only slow or speed up market clearing events. They cannot stop them.