The Definitive Brexit "Wall Chart"

Presenting the Brexit "Wall Chart" courtesy of Goldman, which lays out in clear detail not only what the next two years will look like for the Brexit process, but superimposes on it parallel events across Europe.

How The "Trump Trades" Have Mutated Over Time, In Pictures

An examination of the performance of the potential beneficiaries of the new administration's policy proposals paints a mixed story, with the performance of most of the initial policy winners peaking in early December and subsequently underperforming.

Did The EPA Just Go Rogue Again

"With this Executive Order, President Trump has chosen to recklessly bury his head in the sand. Walking away from the Clean Power Plan and other climate initiatives, including critical resiliency projects is not just irresponsible — it's irrational."

Are Markets Overlooking A Clear & Present Danger?

Economic cycles do not last indefinitely. While fiscal and monetary policies can extend cycles by “pulling forward” future consumption, such actions create an eventual “void” that cannot be filled. In fact, there is mounting evidence the “event horizon” may have been reached as seen through the lens of auto sales.

Watch Live: Senate Holds First Open Hearing On Russian Election Interference

Today the Senate Intelligence Committee is holding its first open hearing in its investigation into Russian interference in the election.  The two-part panel, will first question academics on Russian influence operations, then turn to a cybersecurity company that confirmed the original hack of the Democratic National Committee (DNC) last summer.

Nunes 'Source' Was A "Whistleblower-Type", Ryan Says

As the imbroglio within the House Intel Committee continues with Democrats refusing the listen to the 'message' without knowing who the 'messenger' was, Speaker Ryan provided a little more color on the source of Devin Nunes' information about incidental surveillance of President Trump’s team.

Q4 GDP Revised Higher To 2.1% As Consumers Splurge On "Foreign Travel And Recreation Services"

In the third and final estimate of Q4 GDP, the BEA revised the previous estimate of 1.8% notably higher to 2.1%, driven by a sharp upward revision to consumer spending, which rose 3.5% in Q4, after rising 3.0% in Q2, and contributed 2.4% to the bottom GDP line up from 2.05% in the second revision driven largely by spending on net foreign travel and recreation services.

After "Quite A Week", Trader Asks If There Has Been Any "Actual 'New' News"

"Jeez Louise, it’s only Thursday and it’s been quite the week. We need to ask, is there actually “new” news, after only a very few days, we should we consider before flipping our coins anew? It really matters when updating your priors to sift through signal versus commotion. And accept that error terms haven’t been shrinking."

China's President To Meet Trump Next Week; Putin "Ready" For Meeting In Finland

China's Foreign Ministry announced that China's president Xi Jinping will meet with President Trump at Mar-a-Lago in Florida on April 6-7. It will be Xi's first meeting with Trump, and comes at a time when the two sides face pressing issues. Meanwhile, Vladimir Putin also said that he is "ready" to meet Trump in Finland.

Frontrunning: March 30

  • Trump’s Border Wall: A Tall Order (WSJ)
  • Trump’s Hope for Rapid Reset With Russia Fades (WSJ)
  • China's Xi to meet Trump in Florida next week (Reuters)
  • U.S. Softens Call for Shift on Nafta (WSJ)
  • ESPN Has Seen the Future of TV and They’re Not Really Into It (BBG)
  • Inside the Leadership Shakeup at Merrill Lynch (BBG)

S&P Futures Fade Overnight Gains As Euro Slides; China Stumbles

Asian shares and oil are lower, European shares are little changed, and S&P futures are fractionally in the red after gaining for most of the overnight session, perhaps troubled by warnings by two Fed presidents who warned that markets and valuations appear frothy, and the Federal Reserve may have to raise rates more times than currently forecast.