The equity markets seem to keep pretending that the tax cut bill is a big surprise, as with each trading day it gets “priced in” again. Last night’s trading was no exception:
Slope of Hope Blog Posts
This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.
It looks like this third attempt by Republicans to repeal and replace Obamacare has failed…and that it will be a dead issue once September has 30th has passed.
The city where I live, Palo Alto, is not very big. The population is about 50,000 people. I was therefore more than a little surprised to see this on the front page of our little daily newspaper:
So let me get this straight………in a town with 50,000 people, there is approaching half a billion dollars in unfunded pension liabilities? That comes to over $8,000 for every man, woman, child, and blogger in this town. (more…)
I have made countless posts lampooning the mainstream media and its eyeball harvesting, click baiting content. This content and especially the associated headlines (let’s recall the classic R.I.P. Bond Bull Market as Charts Say Last Gasps Have Been Taken, dated Dec. 2016 as but one example) are designed to whip up emotions, draw attention and thereby gain traffic and ad dollars (diminishing though they are these days). nftrh.com is and always will be ad-free, by the way.
So sure, the bond bull market may well have ended in the Brexit and NIRP dominated summer of anxiety (in fact I believe it did), but any good contrarian would have seen the trade setup to go bearish on bonds in the middle of that hysteria, not a half a year later when Bloomberg used Louis Yamada’s chart to make a big headline. From a post in June 2016 about the Silver/Gold ratio and the prospects for a future ‘inflation trade’ right at the height of the bond bull… (more…)
Gridlock in Washington (with the utter failure to pass any kind of new healthcare reform) is the theme, so far, in 2017…with Republicans unable to agree to support their party’s latest bill, which is now completely dead, and Democrats simply obstructing everything in sight.
It looks like everyone is tired and unable to do what they were elected to do.
If everyone’s tired, how will this failure affect the progress of any other political items that President Trump has on his agenda?
I really hope one day I get to write about this and how historically toppy such nonsense from a formerly-esteemed office turned out to be………
I love America. The first words of The Godfather, and three words also deep within my heart. In spite of my distaste for many of its inhabitants (present company excluded), the ideals of this nation are dear to me, and, as on every 4th of July, I read the entire Declaration of Independence with a lump in my throat.
I, too, would like to share with you this magnificent clip from John Adams, in which Paul Giamatti’s character meets King George to try to mend the obvious rift between the newborn U.S. and Britain. It is an extraordinary scene, and I’ve read that this is one of the very few instances where every single word was written down, and those words are precisely presented here:
Since the Fed increased rates in December, the bond market has been rallying. Many have told me that the Fed controls all markets. Many have told me that you cannot fight the Fed. Many have told me that the Fed controls the bond market.
My question is if anyone has told the bond market this?
The Fed has now increased rates 3 times since December of 2016. So, if the Fed truly controls the bond market, and if the Fed truly controls the direction of interest rates in general, doesn’t that mean that overall rates should be rising?
Well, the bond market does not think so. Since December of 2016, the bond market has been rallying, as can be seen in the attached chart below of TLT. Yet, the Fed has raised interest rates 3 times during this rally.