The Art of the Deal or No Deal
We wrote last month and visited with clients on the
importance of the Trump administration getting something, anything through
congress. Failure to do so might question the future of the
ambitious agenda that caused equity markets to swoon post-election.
The new healthcare bill was pulled without a vote on March 25.
Markets reacted predictably but with less follow through
than might have been expected. Geopolitical risk arose.
Syria, Afghanistan, Korea and
The Trump administration didn't have to wait long to be
tested by one of the simmering global hot spots. The response
was different too. International armed conflict and the
prospect of war, declared or otherwise, unsettles markets.
Predictably, interest rates fell as investors sought safe
havens. Equities were remarkably buoyant. A
review of the known players to date. The TBAs below keep the safe haven bid
The Fed - More Noise, Less Relevance
Much noise was made by FOMC vice chairman, Stanley
Fischer about what he characterized as a muted response to meeting
minutes suggesting the Fed may begin to reduce the size of its
balance sheet this year. KC Fed, Esther George, was not so sanguine. We
take a dive into their thinking in this month's AQS
Point of View.
down. We don't stop here.