Less than a month into the new administration, President Trump security team has been plunged into "turmoil" following last night's unexpected resignation announcement by his now former National Security Advisor Mike Flynn.
Back in 2009, the Obama administration drew a lot of fire from employers and labor unions over Obamacare's so-called "Cadillac Tax", a tax on healthcare premiums over a certain threshold. Fast forward eight years and a similar plan from Republicans seems to be holding up their completion of an ACA replacement bill.
European and Asian stocks, S&P futures, bond yields, the dollar and commodity metals are rose, in some cases making new all time highs, lifted by the latest reemergence of the "Trump trades" as hopeful investors once again bet that the U.S. president's tax reform plans will boost economic growth and corporate profits, despite another warning from Goldman that the president's fiscal plan is about to be derailed.
"Did you know the Department of Homeland Security takes millions of your tax dollars and hands it over to Muslim organizations in America so they can try and convince their minions not to conduct a jihad against us? But now that they are turning down the money because of Trump, does that mean they will encourage their junior jihadists to violently oppose our society."
After a couple of months of animal-spirit-inducing exuberance in soft-survey-hope-data, UMich consumer sentiment printed a disappointing 95.7 in Feb (versus 98.0 exp and down from 98.5 in Jan). The biggest driver was a notable drop in 'hope' as Democrats Expectations plunged near record lows.
S&P futures rose further into record territory, European shares rose to within striking distance of their highest levels in more than a year while bonds fell and the dollar rose as investors cheered a surge in Chinese trade data amid hopes of "phenomenal" tax cuts by Donald Trump, all of which have rekindled the Trumpflation trade.
"It’s the oldest saying in poker, and one I can’t repeat often enough. If you’ve been playing poker for 30 minutes and you don’t know who the sucker is … it’s you. We are - all of us, without exception - being played. That doesn’t mean we stop playing the game, whether it’s the game of markets or the game of citizenship. It means, though, that we resolve not to be the sucker."
We are in the midst of an epidemic of fake news. Since at least Donald Trump’s election, our media have been in the grip of an astonishing, self-inflicted crisis. Despite Trump’s constant railing against the American press, there is no greater enemy of the American media than the American media. They did this to themselves.
At noon on Tuesday, the Senate is expected to vote whether to confirm Trump's controversial nominee for education secretary, billionaire Betsy DeVos, following an unusually fiery debate including an all-night Senate session, that has left her at risk of becoming the first cabinet nominee in 28 years to be rejected.
As politicians around the country continue to work themselves into a frenzy over Trump's January 27th executive order temporarily suspending immigration from seven countries, we thought it might be helpful to take a step back and review some key statistics regarding America's historical refugee admissions.
It is a relatively light week in the US, with mainly trade balance, JOLTS and consumer credit data out. The key economic release this week is University of Michigan consumer sentiment on Friday. In addition, there are a few scheduled speaking engagements from Fed officials this week. 86 S&P 500 companies reporting, representing 11% of the index market cap