Lots of News Today
The 10 yr yield is below 1.5%, a critical level in my opinion, as negative interest rates around the world drag down US bonds with them.
The FBI announced today they did not allow photos of the Loretta Lynch/Bill Clinton meeting because the AG ordered them to forbid such photos. In an unrelated item the AG announced today that although she would not recluse herself, she would abide by the recommendation of other Justice Department prosecutors in the Clinton email case. Wow.
CNBC has gone off the rails. They literally attack any guest that says anything positive MIGHT ever happen from the Brexit vote — too bad – if they would open up and do their real jobs as journalists, and explore both sides of this, and ALL issues, without bias for one side or the other, they could be a force for good. Their fundamental and unrelenting barrage and stance against Brexit means the majority of the British public is stupid and does not know what is good for them. They do this — while working at a business news station that embraces the wisdom of the market and the consumer. Very poor journalism whether they are ultimately right or 52% of the British people are.
I’ll probably regret saying anything good about Trump but I call it like I see it and Trump over the last 3 days has been a transformed man. He has completely walked back from the immigration cliff AND the trade cliff AND the tax cliff and is now sprinkling his speech’s (both in PA and OH I saw this) with specific references to the sections of the trade and immigration law sections he will legally invoke to change things. In normally Democratic towns I saw thousands of Trump supporters. He committed to doing his Trump best while OBEYING the constitution. This new team is helping and helping a lot. Trump is demonstrating he can come to the middle and modify his outbursts. He wouldn’t look this good if I wasn’t mentally comparing him to Hillary, but I am, so he does.
The Bush family needs to reconsider its position, I have, (and I’m never wrong), Jeb was my candidate.
The PBoC has signaled 2 things in the past week and I was deeply gratified to hear them. They appear committed to supporting the Yuan in its current trading range. In they had devalued because of the Pound drop (a basket approach), they would have set off an avalanche in the global debt and therefore equity markets. Which by the way, are at the breaking point, again, for the 5th or 6th time in 10 years. The China/US currency imbalance, trade imbalance and political imbalance cannot continue indefinitely. One of these will fold.
Enough already, enjoy your Fourth of July weekend and never forget what this holiday is, the birth of liberty, your most important birthright.