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USDJPY Surges After Brainard Says "Rate Hike Likely Appropriate Soon"

The Fed's oterhwise uberdovish governor Lael Brainard joined the hawkish parade when moments ago she said that “assuming continued progress, it will likely be appropriate soon to remove additional accommodation, continuing on a gradual path" sending the USDJPY surging by over 40 pips to intraday highs.

Oil Spikes On OPEC/White House Headlines

A double-whammy of bullish news hit WTI crude futures shortly after 1300ET today sending prices soaring. First, The White House denied earlier rumors on changes to the ethanol mandate; and then Reuters confirmed OPEC production cut compliance steady at 94%.

With All Eyes On Trump Tonight, US Futures, Global Stocks Hug The Flatline

With traders focused on President Trump's address to Congress tonight where he is expected to outline his economic priorities and provide plan details, European stocks are little changed for a second day and Asian stocks decline modestly as U.S. futures trade around the flatline. Oil declines, while the dollar is little changed.

The Cultural Purge Will Not Be Televised

"The idea that free speech has its limits somewhere around the point where it hurts somebody’s feelings is beyond idiotic and dangerous...Do you really want to live in a world where people sever business and personal relationships because a literal flash mob demands it? Where mobs get to pick and choose who you are allowed to associate with?"

America Has A Hole In Its Head

We need a new civil war like we need a hole in the head. But that’s just it: America has a hole in its head. It’s the place formerly known as The Center. It didn’t hold.

Risk Bounces After Trump Promises To Start "Spending On Infrastructure Big", But Warns On Tax Plan

With the dollar sliding on rising fears Trump may disappoint in his address to Congress tomorrow evening, moments ago the dollar spiked, and risk assets rebounded after headlines hit from Reuters and Bloomberg in which Trump previewed that "we're going to start spending on infrastructure big." However, fading the optimistic tone, Trump also warned that his tax plan would be released only after Obamacare is tackled, and health plan costs are known:

Goldman Perplexed By The "Relentless Bull Market"

"It has been a year since the last 10% US equity market drawdown. We forecast S&P 500 will peak in 1Q at 2400 and end the year at 2300. Given extremely low volatility, investors should replace long equity positions with calls or sell unlikely upside to fund  protection."

European Rally Fizzles, S&P Futures Turn Red As USDJPY Slides, Bunds Strongly Bid

What started off in familiar fashion, with Asian stocks rising, and Europe hitting multi-month highs and US futures in record territory has stumbled in recent minutes following a continued rush for safety in short-dated German Bunds (the 2Y is now trading at -0.92%) and ongoing selling in the USDJPY, which has pushed Stoxx 600 back to unchanged, and S&P futures to modestly red for the session.