Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with Goldman, buying/selling the former Indy Mac.
Following yesterday's press reports that Steve Mnuchin and Wilbur Ross would be selected for two of the top economic posts in Donald Trump's administration, earlier today the two confirmed their nominations to lead the U.S. Treasury and Commerce Department, respectively. Mnuchin and Ross spoke on CNBC's "Squawk Box."
Numerous outlets have reported that former Goldman banker Steven Mnuchin "a financier with deep roots on Wall Street and in Hollywood but no government experience" is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday.
Following September's 9.3% MoM plunge in Aussie home approvals, hopes were high that October would see a bounce (expectations were for a 2% gain) as central bankers jawboned confidence higher. However, it didn't... Building approvals collapsed 12.6% MoM and a shocking 24.9% year-over-year decline is equal to the worst drop since Lehman. Ironically, just this month Aussie Treasurer eased restrictions on foreign buyers (otherwise known as bag holders it would seem).
Stanley Druckenmiller spoke at the Robin Hood Investors Conference today where repeated he is bullish on the American economy following Trump's victory, anticipates a much stronger dollar and higher bond yields. Notably, he joined Gundlach in predicting 10Y yields would rise to 6% over the next year or two, a process which would lead to an equity market selloff.
Following former Goldman Sachs' partner Steve Mnuchin's visit to Trump Tower this morning (as the decision over Treasury Secretary looms), the Trump transition team just announced that Donald Trump and Mike Pence will meet with Goldman Sachs COO Gary Cohn (but provided no details on whatthey would discuss).
In the first of what Mike Pence called "several very important announcements," Politico reports that former Labor Secretary Elaine Chao is set to be announced later Tuesday as President-elect Donald Trump’s choice to lead the Department of Transportation.
Iran just hammered another nail in the coffin of an OPEC 'deal' when oil minister Bijan Namdar Zanganeh told reporters in Vienna ahead of OPEC meeting on Wednesday that "Iran won't cut oil production." Despite confident comments from Algeria, WTI plunged to within a tick of a $44 handle to 2-week lows...
European stocks were little changed and oil fell as investors assessed declining prospects for an OPEC deal and risks from Italy’s referendum. Asian stocks declined, while S&P futures pointed to a fractionally higher open, erasing 3 points from yesterday's drop.
With the Trump cabinet filling up, but a number of key positions still to be announced, vice-president-elect Mike Pence told Fox News tonight that "there will be very important announcements tomorrow."