Daily Comment
Daily Comment (June 7, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s employment Friday! We cover the data in detail below but, in short, the data suggests economic weakness; bonds have rallied, the dollar tanked and equity futures have eased off their highs. Although we don’t expect a Fed rate cut this month, pressure to reduce… Read More »
Daily Comment (June 6, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Today is the 75th anniversary of D-Day. President Trump is visiting the memorial sites today. Equities are modestly higher this morning, and Mexico and the ECB are dominating headlines. Here is what we are watching today: The ECB: The ECB released its statement and it… Read More »
Daily Comment (June 5, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! The risk-on rally that began yesterday is continuing this morning. The ADP employment data was very weak (see below) and is prompting a strong rally in fixed income. Here is what we are watching today: What prompted the rally? Much of the lift… Read More »
Daily Comment (June 4, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! It’s the 30th anniversary of the Tiananmen Square crackdown. President Trump’s visit to the U.K. continues today. We are seeing a bit of risk-on this morning as equities make a modest recovery. Here is what we are watching today: Fed meets in Chicago:… Read More »
Daily Comment (June 3, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] We bid welcome to June! Like the St. Louis Cardinals, we are more than happy to see May in the rearview mirror. However, like the other major league baseball team in the state, June may not be much better. POTUS is in the U.K. Trade… Read More »
Daily Comment (May 31, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good (?) morning! It’s ugly out there this morning; markets are in full risk-off mode, with all the flight to safety assets (yen, gold and Treasuries) rallying, while equities and commodities are falling. A surprise new tariff was announced on Mexico. Chinese data underwhelms and… Read More »
Daily Comment (May 30, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! It was a quiet overnight session with some modest recovery in risk assets after the recent sell-off. The U.S. released a plethora of data this morning, which we cover in detail below. Most of Europe is closed for Ascension Thursday. Here is what… Read More »
Daily Comment (May 29, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning! Risk-off is dominating the financial markets this morning. Here is what we are watching: Global bonds: U.S. 10-year Treasury yields are falling toward the 2.20% level and yields around the developed world continue to spin lower. Although most economic indicators continue to signal… Read More »
Daily Comment (May 28, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Good morning and welcome back from the long weekend. Although financial markets are mostly steady, there was lots of news over the holiday. Here is what we are watching: European elections: EU elections ended over the weekend and the cross-currents are complicated. Here are the… Read More »