"... the narrative that the tax cuts would stimulate economic activity was pure propaganda... The average middle class household spent its tax cut money on more expensive gasoline and food. Since the tax cut took effect, auto sales, home sales, and real retail sales have been declining."
"As of today, the Fed’s independence is guaranteed, but Trump has the ability to make his own appointments to the Fed board. If Fed independence does get threatened, you’re going to see a bond market reaction."
It's a risk-on mood around the world, as China makes an unexpected trade concession by slashing auto import tariffs to 15%, while the Italian bond rout is taking a break, leading to a sharp rebound in the euro as the dollar slides.