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"FED" tag
us-tax-reform-fed-marketexpress-in

US Tax Reform and the Fed

Yesterday US President Trump formally launched his campaign for tax reform. The Big Six (Mnuchin and Cohn for the administration, McConnell, and Hatch from the Senate and Ryan and Brady from the House) had been...

global-remittances-dollar-trump-marketexpress-in

Dollar Remains on the Defensive

The US dollar is narrowly mixed after selling off following the FOMC statement. Sometimes the narrative explains the price action, and sometimes the price action explains the narrative. This seems to be the case of...

us-sp500-narrowing-marketexpress-in

“The Great Narrowing” of the S&P 500

Over the past 10 weeks – so since March 1, 2017 – five stocks in the S&P 500 index have gained a total of $260 billion in market value, the infamous FAANG stocks: Facebook, Apple,...

may-fed-policy-marketexpress-in

May’s Bold Move and Fed Expectations

UK Prime Minister May surprised the global investors and world policymakers by calling snap elections, precisely what the 2011 electoral law sought to prevent by fixing the date of elections. As recently as before the...

us-data-jobs-deja-vu-marketexpress-in

US Jobs Data: Deja Vu All Over Again?

A week ago, after nine Fed officials had spoken, the market widely expected Yellen and Fischer to confirm that the table was set for a rate hike later this month. They did, and the dollar...

us-dollar-otterwood-boFA-most-crowded-trade-marketexpress-in

The Dollar, “the Most Crowded Trade,” Gets Less Crowded

On Tuesday, the dollar fell 1.25% against the basket of currencies in the Dollar Index. The index is down 3% since its peak at the end of 2016. US companies that report in dollars but...

price-action-marc-chandler-marketexpress-in

Thoughts on the Price Action

The market has not changed its mind. Following Brainard’s comments yesterday the market had downgraded the chances, which were already modest, of a Fed hike next week. The September Fed funds futures is unchanged on...

Fischer-Dudley-Yellen-marketexpress-in

Fischer Joins Dudley; Waiting for Yellen

Last week, some market participants were giving more credence to what seemed like dovish FOMC minutes than to NY Fed President Dudley’s remarks that accused investors of complacency over the outlook for rates. Yesterday, Vice-Chairman...

The Need for Higher Wages: Lots of Thunder, No Rain

All that is solid is melting.  After Copernicus, we know that earth is not the center of Creation.  Darwin showed us that humans are part of the animal kingdom.  Freud told us we are not even...

euro-bull-run-wall-street

Nightmare on Wall Street: Republicans & Democrats Agree on Reinstating Glass-Steagall Act

An amazing thing happened at the Republican Convention when some unexpected language showed up in the official 66-page Republican Platform 2016, a document that a delegate from Texas enthusiastically called, “the most conservative platform in...

yuan-marketforces-marketexpress-in

The Yuan and Market Forces: Declaratory and Operational Policy

The Wall Street Journal is reporting that minutes of a meeting in China two months ago reveal that officials there have abandoned their commitment to give market forces greater sway in setting the yuan’s exchange...

helicopter-money-marketexpress-in

Is that Buzzing Sound Helicopter Money?

Helicopter money is the rage. Central banks are talking about it. Economists are debating it. The media is rife with coverage. While it sounds important, it is not precisely clear what helicopter money means. It...