Wall Street's Take On The Fed Minutes: June, Sept. In Play; BS Unwind May Come Sooner

While the dollar and TSY yields both dropped to session lows shortly after the FOMC announcement hit as traders focused on the Fed disclosure that FOMC voters thought it prudent to await evidence an "economic slowdown is transitory" suggesting the committee still wanted to hike rates but was willing to wait for the certainty of data,  Goldman's disagreed and according to a just released assessment by Goldman's Jan Hatzius, the statement was more hawkish than perceived by the market.

Can The US Economy Ever Get Back To 3% GDP Growth?

It is really about reasserting the preeminence of humans – the workforce – in any calculus of macroeconomic policy. Make them (us, really) more productive, and the economy will grow faster. And if that is impossible, and with it that 3% target, then technology will replace the worker rather than simply augment his or her efforts.

Trump Reveals Location Of 2 Nuclear Subs To Duterte

The NYT is once again bashing Trump for his "loose lips," alleging that the president revealed to Filipino President Rodrigo Duterte the location of two U.S. nuclear submarines lurking in the waters off the Korean peninsula...

Moving Closer To The Precipice

Slowing money supply and credit growth and historically extremely high stock market valuations far more often than not turn out to be uneasy bedfellows. In fact, usually the latter will eventually fall out of bed. Circumspection remains advisable.

Blistering Demand For 5Y Trasury Auction; First "Stop Through" In 2017

After 4 consecutive 5Y auctions that resulted in a "tail", moments ago the Treasury sold $34 billion in 5Y paper which finally "stopped through" the When Issued for the first time since December, printing at a High Yield of 1.831%, 0.7bps through the 1.838% When Issued.

Social Media: Stick A Fork In It

"It’s not that I’m saying “social media” is going away, as in no longer will be around or, will not have any use or value going forward. What I am stating is this: Everything that you’ve been told, as well as sold, about social media as it is currently argued and used, along with why the companies or platforms that supply it should be valued not just mere $Billions, but rather $10’s and $100’s of Billions is over. The signs are there for anyone paying attention..."

The Keynesian Cult Has Failed: "Emergency" Stimulus Is Now Permanent

What do we call a status quo in which "emergency measures" have become permanent props? A failure. The "emergency" responses to the Global Financial Meltdown of 2008-09 are, eight years on, permanent fixtures. Everyone knows what would happen if the deficit spending, money-printing, zero interest rates, shadow banking, asset purchases by central banks and all the rest of the Keynesian Cult's program stopped: the status quo falls apart.