The Echo Chamber Of Elite Economists: Often Wrong, Never In Doubt

Despite what appears to be an inflection point of radical change, most of which remains unknown, the consensus opinion of professional economists and markets, in general, are well-aligned, optimistic and seemingly convinced about how the economy and markets will evolve throughout the year.  The consensus forecast based upon an assessment of economic projections from major financial institutions appears to be the result of a Ph.D. echo chamber, not rigorous independent analysis.

Algos Gone Wild As Stocks Swing On Every Healthcare Vote Headline

US equity markets suddenly dumped on heavy volume after House Freedom Caucus chairman Mark Meadows, speaking after White House meeting, said there are still not enough votes to pass healthcare bill. .. only to surge on a headline of Barletta flipped to support the bill.

London Mayor Sadiq Khan Issues Statement On London Terrorist Attack

"There has been a serious incident near to Parliament Square this afternoon which is being treated as a terrorist attack until the police know otherwise. I have spoken to the Acting Commissioner. The Metropolitan Police Service is dealing with the incident and an urgent investigation is underway. My thoughts are with those affected and their families."

Dijsselbloem Must Go, But That Solves Nothing

The EU in its present form cannot continue, and any options that would have allowed reforming it have been closed off due to its very structure. That real problem is that people don’t get to vote for who controls Brussels. So even if Dijsselbloem is ousted, the powers that be, Germany, Holland, Finland, Austria, will simply appoint another one of their pawns in his place. 

Will Yesterday's Market Selloff Turn "Emotional": Here Are The Key Indicators RBC Is Looking At

"...yesterday’s ‘vol-trigger’ induced mechanical risk deleveraging, which largely emanated from the accelerating breakdown in USD (and thus ‘reflation’) exposures...The final 30 minutes of the EU and US equity sessions will be a key-indicator in determining if there is ‘follow-through’ in the deleveraging. This is where ‘mechanical’ can transition to ‘emotional’ for fundamental players."

Conservative Koch Brothers Urge Resistance As Trump Faces Pivotal Obamacare Vote Tomorrow

Donald Trump faces a Presidency-defining test in tomorrow's Obamacare vote.  Will the conservative elements of the party trust him with their political futures and unite the Republican party or will they instead stick with the deep-pocketed conservative advocacy groups that fund their campaigns?  The answer to that question will have far-reaching implications that could ultimately determine the fate of Trump's entire Presidency.

Tillerson: "I Didn't Want This Job"

"I didn't want this job. I didn't seek this job," Tillerson told the Independent Journal Review in an interview during his recent Asia trip. When asked why he agreed to take on the position of secretary of State, Tillerson said his wife "told me I'm supposed to do this."

WTI/RBOB Plunge After Inventory Hits Record High, Production Surges

After a sizable build in crude and draw in gasoline overnight from API, WTI and RBOB are lower (legged down on Libya production news). DOE data confirmed the API data with a sizable crude build and gasoline and distillates extending their draw streak. US crude production rose once again - the highest in 13 months.

Existing Home Sales Tumble As NAR Warns Prices Becoming Increasingly Unaffordable

"The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future. Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market,

FHFA Home Price Growth Weakest Since Nov 2013

January saw home prices unchanged from December - the weakest MoM growth since November 2013. This was below the lowest of 16 economists' estimates and was driven in larg epart by a tumble in prices in East South Central region.