"The buzz among those who claim Cohn confides in them is that he would like to eventually replace" Yellen, assuming Trump decides to move in a different direction when the chair's term ends in early February, Beacon Policy Advisors said in its daily report for clients Tuesday.
Candidate Trump loved a strong dollar, said the Fed's low interest created inequality and a false economy and hinted Janet Yellen needed to go. Now that he’s the president, he loves all three and wants them to stay.
Following market moving interview with the FT and especially the WSJ, on Sunday the Associated Press released the full transcript from its interview with President Trump. Below, we point out some of the market-moving highlights.
While auditing the Fed is supported by the vast majority of Americans, it is opposed by powerful members of the financial elite and the deep state. Therefore, those of us seeking to change our national monetary policy must redouble our efforts to force Congress to put America on a path to liberty, peace, and prosperity by auditing, then ending, the Fed.
"In short, the Deep State and their cronies, who were instrumental in creating the economic, social, and political house of cards that now exists, have the perfect opportunity to bring on the collapse and blame the new president for it."
Since their peak 'shortedness' in mid-January, US Treasury bond bears have covered 500,000 10-year-equivalent contracts, reducing the net speculative short to its lowest since before Thanksgiving 2016. At the same time, however, Eurodollar shorts (bets on Fed rate hikes) have soared to a new record high (over $3.2 trillion notional).
The last time Private and State & Local Government Pensions were fully funded was at the end of the stock market bubble in 2000. However, even with stocks making new highs, these pensions remain $2.33 trillion, or 27 percent of their assets, underfunded at the end of 2016.