Investors are bearish growth (global optimism at 6-year low), bullish US decoupling (US equity long at 4-year high, US EPS outlook at 17-year high), and begin to price in a hawkish Fed (cash at 18-month high of 5.1%, gold valuation at 17-year low,
Having failed to sustain above 3.00% yesterday, the lack of immediate and aggressive response from China has hyped risk appetite this morning and sent Treasury yields notably higher - breaking to the highest since May 23rd.
"Central banks have never existed for the greater good... The general belief among average citizens is that the purpose of central banks is to help the economy... It’s a fairy tale that politicians like to encourage."
As expected, Beijing did not waste much time responding to Trump's latest tariffs, and moments ago China issued a statement disclosing what its planned retaliation would look like.
Angela Merkel has decided to fire Germany’s domestic intelligence chief for questioning her condemnation of far-right protests, pushing her cabinet into another clash over migration toward a showdown, and to another potential government crisis.
The law requires that the US Postal Service to keep electronic records of incoming foreign shipments like their contents and the identity of the sender and expands funding for treatment of addiction.
As traders had expected with baited breath, moments ago the White House announced that it has imposed tariffs on approximately $200 billion worth of imports from China, effective September 24.
