Once upon a time Goldman's prop trading desk, which spawned thousands of hedge fund traders, was revered across Wall Street. Those days are now offically over.
Bank of America, and other banks which have solid trading desks and benefited from the Fed's launch of QE4 in the fourth quarter, managed to report stronger than expected results, even as their core Net Interest Income continued to decline
...lessons from history, and that’s a history of Gazprom, would suggest that the Trump administration's strategy of energy dominance approach won’t work - not in Europe...
"[Bernanke] argued that monetary policy will be able to do it the next time. I think that’s pretty unlikely... We’re going to have to rely on putting money in people’s pockets..."
Increased concentration risk is a clear sign of fragility increasing and the system is destabilizing underneath the surface. It’s historically a recipe for violent moves so it should definitely be on investors’ radar.
After 5 straight down days, oil managed modest gains today but gave some of that back after API reported a surprise crude build and major product inventory increases...
