Bank of America

Bank Of Japan Leaves Policy, Economic Outlook Unchanged

As expected by all 43 economists who estimate such things, the Bank of Japan left their policy mix unchanged and in a desperate bid to appear modestly positive about how things are going, maintained that "Japan's economy has been turning toward a moderate expansion," adding that that consumer spending "increased its resilience." Hardly a rousing evaluation of the state of the economy after who-knows-how-many-years of so-called 'stimulus'.

Your Last Minute FOMC Preview: "Will It Be A Dovish Hike Or Not"

The FOMC is expected to raise its overnight federal funds rate (FFR) target by 25bps to 1.00% to 1.25%, in what would be its second hike of 2017. Fed Funds Futures were pricing in a 95% implied probability that rates will be lifted – at one point last week, that probability was over 99%.

A Record Number Of Market Participants Says The Market Is Overvalued, Surpassing 1999 Bubble Highs

The latest monthly Fund Managers (FMS) survey from Bank of America is out, and continuing the trend noted in previous months when the number of active managers who said that stocks are overvalued hit the highest in nearly two decades, the latest version reveals that the number of respondents saying that equities are overvalued has just hit a record high, surpassing the all time high set during the 1999 bubble.