Nominal GDP

Stockman: Trump's Tax Plan Never Had A Chance

"...there’s going to be no Obamacare repeal, there’s going to be no tax cut, there’s going to be a massive political conflagration. What’s happened in the last few days with Comey and this crazy inquisition on Russia is going to take the government into complete dysfunction and partisan ranks."

David Rosenberg: "This Is A Bubble Of Historic Proportions"

"This bubble is on par with what we had in the States back in ’05, ’06, ’07. We have to actually take a look at the situation. The housing market here is in a classic price bubble. If you don’t acknowledge that, you have your head in the sand."

Albert Edwards: This Is The Reason Why The Market Doesn't Believe The Fed Any More

"One reason why the market doesn't believe the Fed dots is that investors cannot conceive of Fed tightening to the point that it causes the stockmarket any serious damage. Time and time again over both this and previous cycles the Fed has backed off rate hikes as soon as the going got tough. Maybe that is why the S&P trades at such a huge PE premium to the rest of the world."

Paul Brodsky: "Stagflation On The Horizon"

Logic and current trends suggest that declining output growth accompanied by higher prices will begin hitting economies and facing policy makers in the coming years. Markets should begin sniffing out this stagflationary macroeconomic setup this year.

People Are Suddenly Worried About China (Again)

While Trump seemingly remains the only topic worthy of discussion blanketing the airwaves, as the following chart from Goldman demonstrates, it has been China where policy uncertainty has stealthily exploded in the past three months.

The Mother Of All Financial Bubbles: "This Is The Very Definition Of Unsustainable"

"The Fed is desperately seeking to keep the status quo in place, praying that somehow things turn out OK, and clearly scared to death behind the scenes. But, just like the officials at Oroville, when the cameras are on her, Yellen smiles and tells us that all is well... But when these bubbles burst, and they must, it will be a massively destructive event. There will literally be nowhere to hide from the repercussions."

Trump And Abe Joint Press Conference: Highlights And Live Feed

Ahead of a weekend playing golf together at Mar-a-Lago, President Trump and Japanese Prime Minister Abe face the press to explain how a strong (and weak) currency is good (and bad) for the economy, how much Abe will be investing in American infrastructure, and how they will face their real common enemy - China (not deflation) together...