The “regime change” is likely reflecting that “Domestic / U.S. Inflation Expectations” are no longer dictating global asset prices as they have for much of the past few years across both Fixed-Income and Equities.
It’s all too beautiful (the refrain from the band’s most famous song: Itchykoo Park)
There’s a lot to cover here, but we must first dispense with a couple of pieces of business.
In the midst of all of the hubbub around 45’s grandstanding insult of LBJ, y’all might’ve missed a significant milestone that presented itself midweek: The Apple Corporation of Cupertino, CA (or is it Mountain View? I get confused) became the first company every to achieve a market capitalization of $1 Trillion.
Intel stock plunged 8.8%, its biggest slide in over 2 years, following a Bloomberg report that Apple is planning to use its own chips in Mac computers beginning as early as 2020, and replacing processors from its existing partner, Intel.
Apple has been designing and producing its own device displays for the first time, using a secret manufacturing facility near its Cupertino headquarters, potentially cutting off critical product suppliers.
"...Trump’s presidency is not an outlier, but rather emblematic of a deeply rooted tradition of American politics, noting that some observers have called this brand of American politics 'whitelash'..."
"...why would you have this stuff! Why go through all the expense of printing this stuff and then some people steal it, and you've got to worry about counterfeits and all these things...I hope I'm alive to see the elimination of money."
"A thunderdous tweet twitters around the globe as Tax Reform causes a gigantic flying saucer to descend from the sky, and alight upon the small Californian town of Cupertino. Let joy be unconfined as the crew announce they will pay $40 bln in taxes, spend billions on contracts to local suppliers, and create thousands of jobs across America."