Poland

Macron Booed, Jeered By Factory Workers In His Hometown After Le Pen "Ambush"

Chaotic scenes broke out during a visit by French presidential frontrunner Emmanuel Macron to striking factory workers in his hometown of Amiens. Macron was greeted Wednesday with jeers, boos and chants in favour of his far-right rival Marine Le Pen as he made a chaotic visit to the factory in northern France.

Frontrunning: April 26

  • Futures flat as Trump tax plan awaited (Reuters)
  • Trump’s 15% Tax Plan May Just Be His Opening Gambit (BBG)
  • Budget Director, After Health-Law Missteps, Preps for Spending Battle (WSJ)
  • 100 Days: Trump's victories dimmed by misfires (Reuters)
  • White House Intervened to Toughen Letter on Iran Nuclear Deal (WSJ)
  • Trump Changing Tactics on Tax After Health-Care Failure (BBG)

Why Bonds Aren't Overvalued

Will the “bond bull” market eventually come to an end?  Yes, eventually. However, the catalysts needed to create the type of economic growth required to drive interest rates substantially higher, as we saw prior to 1980, are simply not available today. This will likely be the case for many years to come as the Fed, and the administration, come to the inevitable conclusion that we are now caught in a “liquidity trap” along with the bulk of developed countries.

Key Events In The Coming Busy Week: Payrolls; FOMC Minutes; Trump Meets Xi

The key economic releases in the US this week are ISM manufacturing on Monday, ISM non-manufacturing on Wednesday, and the employment report on Friday. The minutes of the March FOMC meeting will be released on Wednesday, while several Fed officials are scheduled to speak this week. The meeting between Trump and Xi set for Thursday and Friday at Mar-A-Lago will likely attract significant attention.

Frontrunning: April 3

  • Buying a Home This Spring Will Be Hardest in Years (WSJ)
  • Senate showdown likely over Gorsuch confirmation (Reuters)
  • ‘Nuclear’ Bid to Confirm Gorsuch May Radically Change Washington (BBG)
  • Trump's son-in-law, Kushner, flies into Iraq with top U.S. general (Reuters)
  • Solid Asia factory growth caps a strong first quarter but outlook cloudy (Reuters)

First Post-Brexit Tremors: Theresa May "Would Go To War" To Protect Gibraltar

The ink has yet to dry on Theresa May's Article 50 signature from last week which officially started the UK's 2-year long divorce from the EU, and already Europe has been traumatized by comments from former Conservative leader Michael Howard, who suggested that Theresa May is be prepared to go to war to protect Gibraltar.

Frontrunning: March 31

  • GOP disarray deepens (Reuters)
  • Zuma's Night of Long Knives Risks ANC Split, Credit Rating (BBG)
  • China downplays tensions with U.S. ahead of summit (Reuters)
  • Wall Street’s New Favorite Way to Swap Secrets Is Against the Rules (BBG)
  • EU offers Brexit trade talks, sets tough transition terms (Reuters)

This Guy Has Eight Passports

There are very few things within our power that have such a lasting, multi-generational impact. Citizenship is one of the most important.

Dick Cheney: Russian Interference An "Act Of War"

"In some quarters, that would be considered an act of war. I think it’s a kind of conduct and activity we will see going forward. We know he’s attempted it previously in other states in the Baltics," former VP Dick Cheney said yesterday.

"Couldn't Hit An Elephant" - Over-Confident NATO Generals & Russian Retaliation

Recently, US Lieutenant General Ben Hodges ordered over 60 US tanks to fire their guns in Poland. The general has reason to be confident. It can be said with relative certainty that, if the US sends scores of tanks halfway around the world to a country that borders Russia, then begins firing the guns, the Russians will indeed interpret that as a warning that their sovereignty is no longer respected by the US.