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Frontrunning: March 17

  • Global Stocks Slip Following Fed’s Cautious Tone (WSJ)
  • Oil rallies towards $41, near 2016 high, on producer meeting (Reuters)
  • Hamptons luxury home sales soften as Wall Street weakness takes a toll (Reuters)
  • Obama picks centrist high court nominee; Republicans unmoved (Reuters)
  • Allies See Challenges for Hillary Clinton in a General Election Campaign (WSJ)
  • China’s Looming Currency Crisis (WSJ)
  • China's biggest metals trader under pressure to cut staff amid reforms (BBG)

Another Fed "Policy Error"? Dollar And Yields Tumble, Stocks Slide, Gold Jumps

Yesterday when summarizing the Fed's action we said that in its latest dovish announcement which has sent the USD to a five month low, the Fed clearly sided with China which desperately want a stronger dollar to which it is pegged (reflected promptly in the Yuan's stronger fixing overnight) at the expense of Europe and Japan, both of which want the USD weaker.

Pentagon Points Finger At Russia & China Planning Space Attacks

The Pentagon needs to have external “threats” to justify its huge budget. U.S. Generals are looking beyond the planet and at the boundaries of outer space and the security of their space assets. They fear Russia and China might have plans to attack U.S. satellites. Sputnik reports: “Adversaries are developing kinetic, directed-energy, and cyber tools to deny, degrade and destroy our space capabilities,” Air Force Gen. John Hyten, head of the Air Force Space Command, told the US House Armed Service strategic forces subcommittee on Tuesday.

Pentagon Prepare For Underground War In Major Cities

The Pentagon have announced plans to prepare for wars in megacities such as New York by building huge underground military bases.  The U.S. government have said that a war in a major city is likely to be fought underground and have asked technologists to come forward to help them innovate and prepare for such a scenario. Popsci.com reports: Megacities are a relatively new phenomenon. When the Marines stormed the Halls of Montezuma in 1847, the entire population of the United States was just over 20 million. Today, 20 million people live in or around Mexico City itself.

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