"As of today, the Fed’s independence is guaranteed, but Trump has the ability to make his own appointments to the Fed board. If Fed independence does get threatened, you’re going to see a bond market reaction."
The multi-month performance disaster for U.S. Equities funds (primarily L/S and M/N HFs, although MFs significantly lagging index as well) which has seen “gross exposure” purged lower has dictated two standout flows last week.
As NATO continues to "defensively" position an increasing number of troops, infrastructure, missile launchers, and missile shield systems on Russia's western borders, it appears the Russians are inching up their border protections at the other side of the world.
While traders are keeping a close eye on developed markets to see if the risk from from Turkey’s financial crisis or China’s trade war is spreading, the emerging-market contagion has slammed the base metal markets. Hard.