22 Troublesome Facts

Below are 22 troublesome facts explaining why the herd may, in fact, have it wrong.

Bitcoin: Fake Asset Or Security?

What the success of bitcoin says about the world of dollars, euros and yen is unsettling at a number of levels, but then again, bitcoin is ultimately just a brilliantly designed virtual market that, initially at least, promised security and anonymity.  Whether those qualities can endure as the audience grows is a very intriguing question that investors need to consider.

Stone McCarthy: No More Hikes This Year, Debt Ceiling Can Derail Fed's Balance Sheet Plans

"We continue to expect that the FOMC will announce the change in reinvestment policy at the September meeting. However, this could be delayed if it looks like an increase to the debt limit is not immediately forthcoming, and with it the risks of the US default on its sovereign debt. Due to the disappointing inflation numbers, we do not look for another rate hike in 2017, and for only two in 2018."

What's Next For Obamacare Repeal: A Primer From Goldman And Citi

After yesterday's surprising Senate GOP "victory", when it found the bare minimum number of votes to open debate on Republican Healthcare legislation, Republicans suffered an immediate defeat just hours later when the Senate voted soundly against a "Repeal and Replace" of Obamacare. What happens next: here are two primers from Goldman and Citi, both of which however are quite skeptical than anything practical will be achieved.

FOMC Preview: Just 2 Things To Watch For In Today's Fed Statement

With the market pricing in 0% chance of a July rate hike, and with no Yellen press conference to follow, there are just two things to watch for in today's FOMC statement: (1) any hints that Fed balance sheet reduction will be announced in September and (2) adjustments to the language discussing the recent disappointment in the rate of inflation (after 4 consecutive CPI misses).

What Trump's Venezuela Sanctions Will Do To Oil Prices: Barclays Explains

"A sharper and longer disruption could raise oil prices at least $5-7/b and flatten the curve structure despite an assumed return of some OPEC supply, a more robust US shale response, and weaker demand. It may be just the opportunity OPEC needs to exit its current strategy." - Barclays