Daily Comment
Daily Comment (December 12, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Market activity is quiet this morning, but we are monitoring a number of interesting news themes. The Alabama Special: Special elections are being held in Alabama today to replace Jeff Sessions, who left the seat to become Attorney General. Polling has been wildly divergent but the… Read More »
Daily Comment (December 11, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] It was a quiet weekend in front of an active week. Here is what we are watching this morning: NYC bombing: This is a developing incident but early reports suggest a pipe bomb or similar device was detonated near Times Square. According to early reports, there… Read More »
Daily Comment (December 8, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] It’s employment data day! We detail the data below but the short answer is that the numbers are good for capital—employment rose faster than forecast while wage growth came in weaker than expected. The lack of wage growth should bring some degree of pause on the… Read More »
Daily Comment (December 7, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] It’s another quiet morning, the day before the payroll report. This is what we are watching: Tax update: There’s not too much new to report other than there are rumblings of allowing the corporate rate to drift up by 200 bps. Unfortunately, if negotiators accept a… Read More »
Daily Comment (December 6, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Global equities continue to struggle this morning. Here is what we are watching: Why the struggle in equities? There is a plethora of reasons why equities have started to tread water. The tax bill may fail. If it does pass, we could easily see a bout… Read More »
Daily Comment (December 5, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] Equity markets failed to hold yesterday’s tax adjustment gains. We are mostly marking time this morning. Here is what we are watching: Brexit problems: As we noted yesterday, it appeared PM May had resolved the Northern Ireland/Ireland border problem. Her plan was to keep Northern Ireland… Read More »
Daily Comment (December 4, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] The big news is the tax reform bill passed by the Senate early Saturday morning. Market response has been as one would expect—equities are higher, Treasury yields are rising and the dollar is up. Here are the items we are watching this morning: Tax bill: Our… Read More »
Daily Comment (December 1, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] There was a lot of overnight news, but below are the stories we are following today: Tax bill hits a snag: In an attempt to appease the deficit hawks, Senate Republicans have agreed to pare back $350 bn in tax relief. The two proposals being floated… Read More »
Daily Comment (November 30, 2017)
by Bill O’Grady and Thomas Wash [Posted: 9:30 AM EST] There was a lot of overnight news, but below are the stories we are following today: Trade war with China? The U.S. has formally declined China’s bid to be treated as a market economy within the World Trade Organization (WTO). The move will likely heighten tensions… Read More »