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And Now, We Wait

And Now, We Wait

Oh, nothing … just your typical bullshit Monday session. Everyone is just waiting on CPI.

It says a lot about how uninspiring a given day truly was when the biggest news involves Larry Kudlow, who is apparently the front-runner for Gary Cohn’s old job. Here’s some advice that you didn’t ask for Larry: don’t go into the “stable genius” advisory business. It’s a road to ruin.

Speaking of stable geniuses, we got a small dose of Dennison on Monday morning, as Trump was back to talking about arming teachers:

And then there was this about the EU and farmers:

We’re somewhat surprised that Wilbur was talking to anyone today.

Oh and, a local DJ is set to become the CEO of Goldman.


Stocks stumbled in the afternoon and ultimately, the S&P was flat. The Nasdaq managed a higher close. This of course comes on the heels of Friday’s barnburner.


The market had no trouble absorbing more supply from Treasury. Today’s auctions (which included 3Y and 10Y sales) went off without a hitch. Ultimately 10Y yields are now back below their payrolls spike headed into Tuesday’s closely-watched inflation data:


The dollar faded into the afternoon as yields fell:


European shares were up marginally on the day, with utilities higher and industrials lagging:


Six straight days of gains for the Euro Stoxx 50:


Here’s Jeff Bezos eating the literal ass out of an iguana (incidentally, he’s going to become a space traveler):


Overnight, in Japan, Japanese equities managed to hang on to most of their gains despite fresh concerns around Aso’s future after the MoF admitted to doctoring documents tied to that silly-ass elementary school scandal.


USDJPY dove as jitters about what Aso and/or Abe’s ouster might mean for the future of Abenomics, but things largely stabilized during the U.S. session with bids in place under 106.30.


Finally, in case you missed it over the weekend, this is perhaps one of the “greatest” (scare quotes there for a reason) moments in Trump stump history:


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