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Brainard: Fed rate policy is not for financial stability
Federal Reserve governor Lael Brainard gave a speech on financial stability yesterday afternoon. The big takeaway is that the "Powell Put" is not very strong. The Fed will stress economic tailwinds and inflation concerns. And it will not…
Chinese trade war retaliation dominates market concerns
China has retaliated to US duties with tariffs on $50 billion of US goods. An all-out trade war is a distinct possibility.
Stocks fall below 200-day moving average as concern over Trump’s policies mounts
The upward momentum for US stocks has broken. The S&P 500 closed below it's 200-day moving average for the first time since March 2016. Chief among the factors causing alarm was China's decision to retaliate against US tariffs. More…
Pre-market: Market de-FANGed and reactions to Trump Unchained
First, the recent post-Facebook scandal market volatility has seen Amazon, Apple, Netflix and Google follow Facebook down. Second, Donald Trump is acting more boldly and more aggressively now on his economic agenda, on trade and on foreign…
Pensions: NJ raises assumed return, transfers management to beneficiaries
Alarm bells should be ringing with New Jersey increasing the assumed rate of return. This is especially true since they are the most underfunded system in the country. Moreover, letting beneficiaries control their own investments is a…
The yield curve has now flattened into the danger zone
Quick post here. I caught a tweet by Bloomberg's Lisa Abramowicz this morning noting that the yield curve was at its flattest since the Great Financial Crisis. Looking at the data, I noted that the 10-year bond is trading at only 49 basis…