“I suspected that regulation would be the death of the current market’s technology generals,” he said, turning to his table, unrolling a map. “I was right.”
"We can already see the writing on the wall and are highly confident this becomes obvious to the masses by the end of 3Q, or 4Q at the latest. This suggests more tough times for equity investors, but we doubt it will be that easy as market tops tend to be particularly exhausting."
Jamie Dimon’s total 2017 award of $28.3 million included perks such as personal use of corporate aircraft ($73,921), personal use of cars ($29,848) and the cost of “residential and related security” ($48,259).
"He's from a completely different mold. For the first time in decades, the Fed Chair is not beholden to ideology, academic theory nor activist monetary doctrine... and while pundits underscore 'continuity', the markets must contemplate what this means for the Greenspan/Bernanke/Yellen 'market put'..."
"Global economic surprises are falling, and so are some leading indicators in the US. Asset prices that reflect global growth are stalling (Dr Copper, Dr Halliburton, Dr. Sotheby’s etc). We disagree with the bearish bond consensus."
"The demonization of conservative principles such as limited government becomes much easier when globalists can attach them to an international catastrophe such as a financial collapse... And, since Trump has been set up as the strawman for conservative ideals, attaching catastrophe to Trump also vicariously attaches catastrophe to the rest of us."
"it’s only with some great trepidation I’d say anything positive about the president in this crowd, or any crowd. But I would say that one of the things I admire is the way he disintermediated the press."
25 Percent Ad Valorem Duties: USTR will propose additional tariffs on certain products of China. The proposed product list subject to the tariffs will include aerospace, information and communication technology, and machinery.
"It would seem that after nearly 40-years, some lessons would have been learned... Such reckless abandon by politicians is simply due to a lack of “experience” with the consequences of debt."
"There was nothing that could be said to appease the most vocal critics, mainstream backlash will persist as Cambridge Analytica remains in the headlines, and we would expect some impact to near-term platform usage" - BofA
A 25bps hike to 1.50-1.75% is priced in with over 90% certainty by the markets. More interest is on how many hikes the FOMC projects in 2018 (three or four), and over the Fed's forecast horizon.
"Either the Trump Administration is acting differently from prior administrations—clearly a possibility—or we should expect even more substantial trade restrictions when the unemployment rate eventually begins to rise..."
In response to Trump's trade wars, China is preparing to hit back with its own countertariff aimed at Trump’s support base, including levies targeting U.S. agricultural exports from farmbelt states in retaliation to the mounting trade offensive from Washington.
Ahead of tomorrow's virtually assured FOMC rate hike, new Chair Jerome Powell's first, we present two previews of what tomorrow's FOMC statement will look like, one from Morgan Stanley and one from Goldman Sachs.
"Here is the bottom line: If this correlation turns negative so that both stock and bond prices decline, Risk Parity portfolios will be modified to reflect these new correlations and volatilities. In simple terms, they will sell."
"The negative feedback loop is being triggered at an inopportune time, with elevated trade tensions and global political uncertainty adding to the risks that the spiral of doom accelerates."
After yesterday's violent selloff which was sparked by tech, Tuesday trading has so far been relatively calm and muted with Europe bourses paring early gains while Asian stocks trading slightly lower S&P futures were hugging the unchanged line as Nasdaq futures pointed to more tech declines
