Four things stand out from when I was gone:
The huge downward revisions to non-farm payrolls led to a repricing of the Fed and now we have a Fed cut priced in for Sept 17 and a good chance of another one in October. For the year ahead, 96 bps in easing is priced in. Despite that long-end yields are higher then were at the start of July in somewhat of an ominous sign.
This is ominous and there is no way to reconcile that. It makes it impossible to feel confident in the jobs data as it rolls in. I guess we're trading off ADP and some combo of initial jobless claims and the (manipulated?) NFP number now. It's a game changer in that I don't feel particularly confident in whatever is coming out now.
Kugler quietly resigned and it was likely due to the kind of political pressure that Cook is under. Even the change of Powell, Trump didn't have the votes to dictate monetary policy but if he can replace Kugler and Cook with lackeys then we're quickly on the way to a Turkey-style situation. Naturally, gold is now approaching all-time highs.
Markets aren't really running with this theme today -- perhaps due to the holiday -- but it could truly be a gamechanger. Your handicap of the Supreme Court is as good as mine but if they strike down tariffs then it will go to Congress and that's another wild card. A best-case scenario is that Trump loses that tariff card and that would lead to a big rally in growth-sensitive trades like commodities, small caps and emerging markets, along with the currencies of the US's largest trading partners.
It's great to be back!
This article was written by Adam Button at investinglive.com.Hence then, the article about september is here and the holiday is over was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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