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Policy Makers - Like Generals - Are Busy Fighting The Last War

It's long overdue to acknowledge we face a future absent net growth and likely a future with fewer consumers, fewer homebuyers, fewer taxpayers, fewer employees.  We face a battle where higher productivity leads to ever more being done by ever fewer people... and if we aren't thoughtful, honest, and creative in how we adapt to this new reality... terrible consequences could await us.

Full Calendar Of Today's Washington Events

With markets focused on today's events in Washington, culminating with Trump's inaugural speech, here’s a look at the key scheduled events for Friday, Jan. 20.

S&P Futures, Dollar Rise As World Awaits Trump Inauguration Speech

"All eyes will be on the content and style of Trump's inauguration speech," Morgan Stanley's Hans Redeker wrote in a note.  "The more 'Presidential' this speech comes across, the better the outcome for markets." And as BonY added, "If Trump ramps up the rhetoric the market will be concerned about building long dollar positions."

Global Stocks Dip; Bond Yields, Dollar Rise After Yellen's Rate Guidance; All Eyes On Draghi

European and Asian shares, and S&P futures slipped, while government bond yields jumped to multi-week highs on Thursday after Yellen's hawkish speech. Oil rose after API reported a drop in crude inventories. The euro rebounded as investors look to Mario Draghi to address rising European inflation that make the ECB's stimulative policies look increasingly out of sync.

Lagarde Urges Wealth Redistribution To Fight Populism

"I want to be loud and clear: populism scares me... policy makers need to 'man-up' and pay for the social cohesion that we need to keep our societies advancing... it probably means more redistribution than we have in place at the moment and accept that this may be a higher tax burden on people..."

Deutsche Bank To Scrap Bonuses For 2016: As Many As 90% Of Bankers, Traders Affected

Deutsche Bank employees are facing more bad news, following reported from the Post and Bloomberg that the largest German lender will tell senior employees as soon as this week that they probably won’t get a bonus for 2016 because of the lender’s performance last year. The post adds that Deutsche may hold back on giving out bonuses to as many as 90% of bankers and traders.