Last Friday, stocks soared as Yellen dropped hawkish hints that The Fed would raise rates "because it was appropriate" implying everything is awesome. One week later - following a terrible Fed-narrative-imploding jobs print - Hillary Clinton-donor and Fed member Lael Brainard goes back to full dove-tard:
Wolf Richter www.wolfstreet.com
The post-February euphoria in the US bond market has been a sight to behold, stirred up by NIRP and QE in Japan and the Eurozone. The ECB is beginning to buy corporate bonds, including euro-denominated corporate bonds issued by US companies. This is pushing larger amounts of corporate euro bonds into the negative-yield absurdity. And it has opened all kinds of credit doors in the US.
Even without digging too deep into the factory orders number, it was dreadful: while "rising" 1.9% monthly, or in line with expectations, the series posted its 18th consecutive annual decline. A stretch of declines this long has never happened before in US history without the economy being in concurrent recession.
America’s Greatest Threat Is Its Crazed “Leadership” And Its Brainwashed Population
Insouciant Americans do not even know what they should be worried about.
A Russian Warning
By Dmitry Orlov, The Saker, Victor Katsap and Evgenia Gurevich
After yesterday's two key events, the ECB and OPEC meetings, ended up being major duds, the market is looking at the week's final and perhaps most important event of the week: the May payrolls report to generate some upward volatility and help stocks finally break out of the range they have been caught in for over a year. However, even today's jobs number will likely be skewed as reported previously as a result of the Verizon strike which is said to trim some 35,000 jobs from the headline print, casting anything the BLS reports today in doubt.