Not Remotely Data Dependent

Should the FOMC “hike” in December, it will again have nothing to do with economy or recovery.

Auditor Deloitte Fined A Record $8 Million For Massive Fraud

Deloitte’s Brazilian arm was fined a record $8m by a US auditing watchdog for falsifying audit reports, altering documents and providing false testimony during an investigation that unearthed what it described as its “most serious” finding of misconduct.  “This is the most serious misconduct we’ve uncovered. It’s cover-up after cover-up after cover-up.

Renzi Delays Resignation Until Senate Passes Budget Law

Matteo Renzi met with Italian president Sergio Mattarella to discuss the terms of his resignation. According to Ansa, Renzi's departure may not be as clear cut as some had expected, and as Ansa reports, Renzi may delay his resignation following a request by the president to hold the post until the Senate Budget Law is passed,

Here Are The Details From The OPEC Production Cut Deal

The much anticipated headline is out and, as Bloomberg reports, OPEC has reached a deal agreeing to cut oil production by 1.2 million barrels per day to 32.5mmbpd from the current level of 33.6mmbpd. This would be OPEC's first production cut since 2008.

Euro In Historic Slide As Dollar Surge, Bond Rout Continues

More of the same this morning as the dollar extended its advance on the still undeteremined Trump reflationary policy measures after Yellen signaled an interest-rate hike could be imminent, while bond yields around the globe rose again, metals declined,  European stocks advanced and futures were modestly in the red just shy of all time highs.

Stocks Soar As Yellen Ends Hawkish Testimony, USD Hits 13 Year High

With nary a dovish word uttered, the end of Janet Yellen's testimony to Congress sparked a buying frenzy in USDJPY (and implicitly S&P 500 futures) sending both to post-Trump highs. At the same time, Dec rate hike odds shifted higher still sending the USD index to fresh 13.5 year highs...

Janet Yellen Explains "The Economic Outlook" To Congress - Live Feed

Having warned of "excessive risk-taking" in her earlier released prepared remarks, Janet Yellen's relatively hawkish testimony before the Joint Economic Committee (96% odds of Dec rate hike) will perhaps be most-watched for the Q&A. With Jeb Hensarling wanting to reform The Fed and "throw FSOC in the bin" and Trump allies demanding The Fed reduce its balance sheet (notwithstanding questions over Fed independence), we are sure to see some fireworks.

Yellen Warns Of Excessive Risk-Taking In Testimony, Says Hike "Appropriate Soon", No Mention Of Election

Janet Yellen signalled that the US central bank is reluctant to delay its next increase in short-term interest rates "for too long", warning that keeping rates on hold could spur excessive risk-taking and adding that a rate hike could be appropriate "relatively soon." Yellen is due to say on Thursday morning that as the Fed sees the case for a rise in rates continuing to strengthen it "must remain forward looking in setting monetary policy".