The House memo is not about “attacking the FBI” or “our law enforcement professionals,” as Democrat Adam Schiff insists. This is about restoring confidence in a law enforcement agency that played an unprecedented role in a U.S. presidential election..
S&P futures rebounded 0.3% from the worst two-day selloff since Sept. 2016, and European and Asian stocks rose modestly from early weakness after Trump's SOTU address did not deliver any major surprises, while traders were cautious ahead of the Fed’s last rate decision under Janet Yellen.
The global selloff that started on Monday, resulting in the biggest drop in US stocks since September, accelerated overnight and this morning world stocks and US equity futures are a sea of red, even as the US dollar has resumed its drop.
The recent frantic moves in Treasurys and the dollar continued on Monday, and while the dollar collapse seems to have slowed for now, this is as a result of an acceleration in the Treasury selloff, with 10Y yields blowing out.
Another day, another rout in the USD index, with the Bloomberg dollar index sliding to the lowest level since December 2014 after Asian participants were able to react to yesterday’s comments from US Treasury Secretary Mnuchin.