Daily Comment
Daily Comment (May 3, 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 the quick take is that it was a blowout report. Payrolls were well above forecast and the unemployment rate fell to its lowest level since December 1969. Here is what we are watching: Moore… Read More »
Daily Comment (May 2, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Some markets, notably China and Japan, remain closed for May Day. Here is what we are watching: The Fed: As expected, the FOMC left rates unchanged. The statement acknowledged the pickup in economic growth but tempered that positive comment by indicating that household spending and… Read More »
Daily Comment (May 1, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy May Day, the international Labor Day! It’s also Fed day. Here is what we are watching: The Fed: The president continues to press the FOMC to cut rates.[1] So far, his demands have not had much effect, although we can make a cogent case… Read More »
Daily Comment (April 30, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] As we bid goodbye to April, there’s a new emperor in Japan and the IS leader re-emerges. China’s PMI data (see below) came in a bit light.[1] On the other hand, Europe’s GDP came in better than expected.[2] Here is what we are watching: Spanish… Read More »
Daily Comment (April 29, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Happy Monday! It was a cold weekend in the Midwest, with a late April snow for the upper parts of the nation’s midsection. It’s going to be a busy week, with the FOMC meeting and Japan’s Emperor Akihito taking the rare step of abdication tomorrow.[1] … Read More »
Daily Comment (April 26, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s GDP day! We cover the numbers in detail below, but our quick take is that the data was much stronger than expected, coming in at 3.2%, well above the +2.3% forecast. Here is what we are watching: Disappointing Japan: Although inflation was modestly higher… Read More »
Daily Comment (April 25, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] It’s another mostly quiet morning as a plethora of earnings are released. Here is what we are watching: South Korea goes negative: Real GDP slipped into negative territory in Q1. Weak investment spending led to the unexpected slowdown. Although exports were weak, on a net… Read More »
Daily Comment (April 24, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets across the world are rather quiet this morning after U.S. equity indices made new closing highs yesterday. Here is what we are watching: China trade talks: Treasury Secretary Mnuchin and Trade Representative Lighthizer announced another round of meetings in Beijing next week.[1] The next… Read More »
Daily Comment (April 23, 2019)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EDT] Markets across the world are rather quiet this morning. Oil remains the focus. Here is what we are watching: Oil: Yesterday, the Trump administration announced that no more oil waivers will be granted on Iranian oil exports, which will tighten oil supplies. The U.S. has… Read More »