Daily Comment
Daily Comment (January 29, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] It’s a “red day” as we are mostly seeing trend reversals across many markets—equity futures are pointing to a rare lower opening, Treasury yields have broken 2.70%, foreign exchange is weaker (dollar stronger) and gold is lower. Some of this looks like profit taking, although the… Read More »
Daily Comment (January 26, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Happy Friday! President Trump just ended his speech in Davos and GDP came in soft. Here is what we are watching this morning: Trump’s speech in Davos: The speech can best be described as “selling America” as a place to invest. As we discussed yesterday, if… Read More »
Daily Comment (January 25, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The president arrived in Davos this morning and will give the keynote speech tomorrow, and the ECB met today. Here is what we are watching: The ECB: The ECB made no monetary policy changes, as expected. In his press conference, ECB President Draghi didn’t veer from… Read More »
Daily Comment (January 24, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The big market mover this morning is the dollar. Here is what we are watching: Treasury shift? During the 1980s into the 1990s, U.S. Treasury secretaries frequently tried to move the currency markets. James Baker was part of the Paris Accord in 1985 that led to… Read More »
Daily Comment (January 23, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] After all the news from yesterday, markets are fairly quiet this morning. This is what we are watching today: The shutdown ends: And it ends with mostly a whimper. Democrat Party leaders essentially ended the shutdown with a promise for a vote on DACA and an… Read More »
Daily Comment (January 22, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The media is focused on the government shutdown but, if the markets are a guide, there isn’t much to see. This is what we are watching this morning: BREAKING: The IMF has boosted its estimate for global GDP to 3.9%, up 0.2%, in part due to… Read More »
Daily Comment (January 19, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] We are seeing continued strength in equities this morning and a modest decline in Treasuries. Here are some things worth noting today: Shutdown looming: Although a continuing resolution passed the House rather easily, it looks like a long shot for the Senate to pass a similar… Read More »
Daily Comment (January 18, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] We are seeing a modest retreat in equities this morning after a major rally yesterday. The dollar is weakening after rising yesterday as well. Here are some things worth noting this morning: China’s GDP: Although a highly manipulated number, last year’s GDP rose 6.9%, a bit… Read More »
Daily Comment (January 17, 2018)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Financial markets were mostly quiet overnight. Yesterday turned out to be a rare down day for equities but futures are signaling a higher opening this morning. Treasury yields are modestly higher. Here is what we are watching this morning: A continuing resolution: Congressional leaders are likely… Read More »