"...we’ve yet to hear Jerome Powell field a question about stock prices as FOMC chairman. If investors detect any hint that there won’t be such a thing as a Powell Put, stocks would be more vulnerable than the above dashboards imply..."
"From the US’ point of view, the National Security Strategy document highlighted how China and Russia are trying to shape a new geopolitical environment in the region, which contrasts sharply from Washington’s aims and interests...But then, Beijing’s strategy is to avoid a geopolitical collision in the Middle East. Its aim is to: Make Trade, Not War."
With US markets closed for holiday, it has been a quiet European session, with Asia similarly subdued, while continued USD weakness, now in its 4th consecutive day, has been the main focus as Bloomberg’s dollar index approached its lowest level in three years.
"Trump is deliberately working to undermine, tear down, and ultimately reform or outright recreate all existing institutions because he’s convinced that they no longer serve America’s interests and have instead been co-opted by its enemies, both internal and external..."