Trump’s corporate tax cut is supply-side stimulus I could agree with if done right, even though it primarily helps the rich. Trump's cut of the top rate from 35% to 15% is the largest of its kind in the history the United States.
The BOJ disappointed by unveiling a lackluster package that sent stocks lower and JPY higher initially - bigger ETF buying, maintains rates (no easing), maintains bond-buying (no easing), unveils "yield curve control" (steepens curve but crushes bank balance sheets through long bond MTM losses). But then offered some hope by noting that the monetary base may fluctuate to achieve yield-curve control (which markets liked as it implies the possibility of more easing).
This is the tyranny of the Nanny State: marketed as benevolence, enforced with armed police, and inflicted on all those who do not belong to the elite ruling class that gets to call the shots. The lesson is this: once a free people allows the government inroads into their freedoms or uses those same freedoms as bargaining chips for security, it quickly becomes a slippery slope to outright tyranny.
After a struggle to repay its debts since 2015, Guangxi Nonferrous Metals Group, a regional Chinese state-owned metal producer, has finally been declared bankrupt by a Chinese court, becoming the country’s first interbank bond issuer to fail. It is also China's first bankruptcy case in which a state-owned company has liquidated.
Trump’s critique of the political class, and his diagnosis of the US as an empire in decline, is what gives his message resonance – and it’s one reason why the political class hates him with a passion. His success is the measure of their failure. We are headed for some dark times. In spite of that, however, there will always be those who will uphold the original spirit of our old republic and fight to defend it against all comers. Out of this will come a renewal – that is, if there is to be one.
"We want to work with our student leaders in the Black Student Union and other students of color organizations to make sure that our living and learning community here is inclusive." So segregation is now considered inclusive?
China’s Failed Efforts to Limit Runaway Growth in Home Prices Buoyed by Cheap Credit Reflect Policies of Monetary Tightening – These Efforts, Coupled w/ A Likely Slowdown in Bank Asset Growth, We Believe, Will Undermine Key Pillars Supporting China’s Economic “Rebound” in 2H16 & Rekindle Volatility in Risky Asset Classes.
The BOJ does have a track record of surprising markets. If it doesn’t want to see USD/JPY collapse, exacerbating the nation’s economic struggles, then it needs to ensure the shock is a dovish one this time. Which maybe what the banks are negatively expecting...Even as Goldman warns "don't expect much if anything, at all."
The good news for economic prosperity and freedom is that the failure of the grand experimenters next time to ignite asset price inflation early on in any incipient economic upturn might lead to their dismissal (if not effected earlier!).
Dallas police officers seem to be catching on to the fact that their pension fund is on the verge of collapse as a record number of cops are rushing to withdraw retirement funds as quickly as possible before the whole system goes bust.
U.S. intelligence agencies said they believe that Russian aircraft conducted the strike that targeted a humanitarian aid convoy in northern Syria on Monday, effectively accusing the Kremlin of lying. Earlier in the day the Russian Defense Ministry stronly denied that either Russian or Syrian air force had anything to do with the UN strike.
If Hillary ends up losing in November, The Huffington Post admits that "journalists" in the mainstream media will not be able to bear the thought that it was in any way her fault. To that end, they offer these 9 scapegoats that can be blamed instead.
As central banks lose their mojo, economic cycles rise from the ashes or policy-makers have to change strategy. The angst caused by recent curve steepening argues that the seeds of doubt about the status quo may finally be taking root. People want to buy this dip, but there’s been very little insistence that it’s time critical. Or level irrelevant. For investors, all of this has dramatically raised the stakes for this BOJ meeting.
The larger the percentage of total campaign funds that come from small donors, the more autonomy a President-elect has once in power. He or she won’t owe as many favors, and can truly stick it to the corrupt, unethical oligarchs who deserve it most. As such, the billion dollar question is... "If Trump actually does end up funding much of his campaign from small donors, he has the ability to bring pain to the "elites." But will he?"
No matter who wins in November, America is going to face a divide unseen in decades. If Donald Trump wins, he will confront a resident media more hateful than that which confronted Richard Nixon in 1968. If Hillary Clinton wins, she will come to office distrusted and disbelieved by most of her countrymen, half of whom she has maligned either as “deplorables” or pitiful souls in need of empathy.
Following last week's unexpected draw (following the huge storm-driven draw from the week before), traders expected a 3.25mm build this week but API reported another surprise draw (massive 7.497mm draw!) . The Colonial pipeline leak/shutdown likely had some exogenous effect as Cushing saw a large build but Gasoline drewdown as Distillates inventories rose. WTI prices are surging back to yesterday's highs on the surprise.