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Unfortunate Market Movement For Unfortunate Reasons
Unfortunate Market Movement For Unfortunate Reasons
Global financial markets partook in a slow motion train wreck on Monday as investors shunned USD-denominated assets and the dollar itself in response to Trump's vocal criticism of Fed Chair Powell. The criticism itself wouldn't be too tough to deal with, but the prospect of "firing" the Fed Chair seems to figure much more prominently into this edition of Trump vs Powell than it did during Trump's previous term. In not so many words, this would be "bad" for both stocks and bonds. Today wasn't catastrophic by any means, but the correlated weakness between stocks, bonds and the USD is an important proof of concept.
Unfortunate Market Movement For Unfortunate Reasons
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Apr 22 | |||||
| 9:00AM | Fed Jefferson Speech | ||||
| 9:30AM | Fed Harker Speech | ||||
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
| 2:00PM | Fed Kashkari Speech | ||||
| 6:00PM | Fed Kugler Speech | ||||
| Wednesday, Apr 23 | |||||
| 7:00AM | Apr/18 MBA Purchase Index | Apr/18 | 164.2 | ||
| 7:00AM | Apr/18 MBA Refi Index | Apr/18 | 841.9 | ||
| 8:00AM | Mar Building Permits (ml) | Mar | 1.482M | 1.459M | |
| 9:00AM | Fed Goolsbee Speech | ||||
| 9:00AM | Fed Beth Speech | ||||
| 9:35AM | Fed Waller Speech | ||||
| 9:45AM | Apr S&P Global Services PMI | Apr | 52.8 | 54.4 | |
| 9:45AM | Apr S&P Global Manuf. PMI | Apr | 49.4 | 50.2 | |
| 9:45AM | Apr S&P Global Composite PMI | Apr | 53.5 | ||
| 10:00AM | Mar New Home Sales (%) (%) | Mar | 1.8% | ||
| 10:00AM | Mar New Home Sales (ml) | Mar | 0.680M | 0.676M | |
| 10:30AM | Apr/18 Crude Oil Inventory (ml) | Apr/18 | 0.515M | ||
| 11:30AM | 17-Week Bill Auction | 4.225% | |||
| 11:30AM | 2-Year FRN Auction (%) | 0.105% | |||
| 11:30AM | 2-Yr Note Auction (bl) | 30 | |||
| 1:00PM | 5-Yr Note Auction (bl) | 70 | |||
| 2:00PM | Fed Beige Book | ||||
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