Personal Spending Growth Tumbles To 7-Month Lows After Dramatic Revisions

Having weakened to unchanged for the last two months, April saw personal spending rise 0.4% MoM (as expected) and personal income rise 0.4% MoM (as expected). However, year-over-year growth in spending (+4.3%, weakest since Sept 2016) and income (+3.6%, weakest since Jan 2017) both signaled a rolling over of the post-Trump exuberance (just in time for another rate-hike by the The Fed).

Trump's White House Communications Director Has Resigned

Two days after Trump returned from his first international trip, and confirming media reports of an imminent shale up within the White House communication team (and away from it) moments ago NBC and ABC reported that Trump's communications director, Mike Dubke has resigned and is leaving the White House.

Deutsche Bank Downgrades European Banks To Underweight

In what some may find an amusing change in outlook by the bank that less than a year ago was on insolvency's door, its stock at record lows, this morning Deutsche Bank downgraded its peers, other (ostensibly more sound) European banks, to underweight from benchmark on expectations that fading euro-area growth momentum will weigh on the sector over coming months.

Greek, Italian Risks Weigh On European, Global Markets; Oil, Gold Slide

Tuesday's session started off on the back foot, with the Euro first sliding on Draghi's dovish comments before Europarliament on Monday coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece denied the Bild report. S&P futures are fractionally lower

The Fed Is About To Hike: Why That Is Bullish For Bonds

Contrary to conventional wisdom, Treasuries have rallied following the last three rate increases. Instead of sending yields higher, the hikes are driving speculation that rising short-term borrowing costs will curb the economic expansion and make it tougher for the Fed to sustain its 2% inflation target.

Short Victorious War: US President's Magic Wand To Wave In A Pinch

The public support has dramatically slid down to roughly 38 percent since then. The president is in a pinch. Something needs to be done immediately to rectify the situation. The trend is worrisome and the best tried-and-true way to reverse it is a short victorious war. True, it’s a great risk. But bombing one’s way to popularity may happen to be a temptation impossible to resist.

In Memoriam, 2017

"Those who have fought and died to defend America and its freedoms are noble beyond measure. Those who pay self-serving tribute to their valor, but make war and expend lives as means to corrupt ends are evil beyond redemption. Honor the former; expose and oppose the latter."

Biden Bashes "Distracted" Democrats For Ignoring Working-Class Concerns

After declaring to a bunch of SALT Conference attendees last month that Hillary “was never a great candidate,” former Vice President Joe Biden criticized the Democratic Party's campaign strategy for winning over working class voters, saying that too many were distracted by the Trump campaign's negativity, the Hill reported.