presidential election

Earlier this morning we reported that Trump's attorneys had filed an objection to Jill Stein's recount petition with the election commission of Michigan.  Per the Michigan Secretary of State, those objections have just been rejected and a recount has now been cleared to begin early next week barring any new legal actions over the weekend.

Bd of State Canvassers mtg has adjourned. Members did not adopt an objection to the recount or a motion to conduct the recount by machine.

On the heels of Jeff Gundlach's "there's going to be a buyer's remorse period" warnings yesterday, the other 'bond king' has raised similar fears that the Trump rally is overdone (as are the prospects for growth behind it). Putting aside the book-talking as their bond portfolios suffer, Gross echoes Gundlach's "Trump's not the wizard of oz" comments, noting that the next president faces serious structural headwinds and warns investors "should move to cash," as any fiscal stimulus gains will be temporary at best.

Did Jeff Gundlach do it again? Shortly after the DoubleLine manager told Reuters yesterday afternoon that the Trump rally is ending, that "stocks have peaked" and that it is "too late to buy the Trump trade", US stocks tumbled to session lows, and have continued to drop overnight, with S&P futures down 0.3%, alongside sliding Asian and European markets; oil and the dollar are also down with the only asset class catching a bid are 10Y TSYs, whose yields are lower at 2.43% after reaching an 18 month high of 2.492% overnight ahead of today's nonfarm payrolls report.

Submitted by Joseph Jankowski via PlanetFreeWeill.com,

Writing for Yahoo News, National Political Columnist Matt Bai provides a suggestion to combat the so-called “fake news” epidemic that has become a major talking point of the mainstream media since Donald Trump’s victory in the presidential election. According to Bai, we should be “teaching our kids how to consume” information in an age where the internet has provided a press to anyone with a computer and a router.

Submitted by Christopher Westley via The Mises Institute,

Now that the presidential election is finally over, can we talk about something that actually matters?