S&P Opens At All-Time Record High, Rate-Cut Expectations Soar

President Trump is happy.

Following Powell's pivot earlier in the year and total capitulation yesterday, the S&P 500 has now surged to a new record intraday high at the cash open.

Futures have just melted up in the last two days...

With cash S&P opening above the May 2019 record high of 2954.13...

And at the same time, market expectations for moar Fed rate-cuts are accelerating (now at 55bps of cuts by the end of 2019, and 89bps by the end of 2020)

"Mission Accomplished"?

Gold and bonds (prices) are also surging as the dollar tanks...

Since President Trump was elected, global capital markets (bond and stock) have increased in value by over $24 trillion...