Despite modestly beating expectations, UMich consumer sentiment for June dropped to 95.1 - the lowest since Nov 2016 - led by a collapse in 'hope' for the future.
Inflation expectations for the medium-term fell very modestly but both short- and medium-term remain near record lows.
One day after the US announced it would sell $1.42 billion in weapons to China's offshore nemesis Taiwan, Beijing lashed out at the United States, saying it was "outraged" and demanded the US revoke immediately its "wrong decision", saying it contradicted a "consensus" President Xi Jinping reached with his counterpart, Donald Trump, in talks in April in Florida.
The proposed U.S. package for Taiwan includes technical support for early warning radar, high speed anti-radiation missiles, torpedoes and missile components.
Instead of lashing out at various media personalities on Twitter this morning, President Trump has instead pivoted to Healthcare Law, and in an early morning tweet has endorsed a strategy for replacing Obamacare may resonate with conservatives like Kentucky’s Rand Paul: Repeal now, replace later. Trump tweeted: "If Republican Senators are unable to pass what they are working on now, they should immediately REPEAL, and then REPLACE at a later date!"
While one of Trump's recurring campaign promises was that he would "punish" China and other key US trade counterparties if elected, for taking advantage of free-trade by imposing steep tariffs and duties on foreign imports to "level the playing field", the President's stance changed drastically after the election, U-turning following his amicable meeting with China's president Xi Jinping in March, but mostly as a result of pressure by his ex-Goldman advisors to keep existing trade arrangements in place and not "rock the boat."
Now, all that may be about to fall apart.
Now that the Supreme Court has approved a “narrower” version of President Donald Trump’s travel ban, the measure is set to go into effect for the first time since late January, when it sparked chaos and protests at airports across the country.