Bond Yields Tumble As Stocks Reach Longest (Best) Bull Market Ever
This is now the longest bull market in history… and the best ever…
“The other thing that’s helped the bull is how poorly the rest of the world’s done. It sort of kept everyone here. If they are going to buy anything at all, they’d buy U.S.” Jim Paulsen, chief investment strategist at The Leuthold Group, told CNBC.
So why is the American consumer losing faith?
Source: Bloomberg
FEDSPEAK-FEST today – all singing from same songsheet – “We’re on hold unless world collapses”…
0900ET Clarida NEUTRAL – US Economy “at or close to” Fed’s goals
0910ET Evans – Cryptocurrency could cause “the business models of commercial banks to come under significant pressure”
1000ET Powell NEUTRAL – US is “star economy”, repeats baseline economic outlook remains favorable, policy is appropriate
1145ET Daly NEUTRAL – Monetary policy in good place given healthy momentum in the economy and consumer spending
1200ET Williams NEUTRAL – US economy and policy in good place, backs keeping rates steady
1220ET Bullard DOVISH – Positive yield curve is bullish for 2020, economy still faces downside risk
1300ET Kaplan NEUTRAL – US consumer in good shape, labor market tight, policy appropriate
Additional market movers were
1100ET Pelosi – USMCA by year-end, sent CAD higher, USD lower
1400ET U.S., CHINA STRUGGLE TO CLOSE PHASE-1 DEAL, FT SAYS
1530ET USTR Sources confirm deputy-level trade talks
All of which left US stocks flat-ish on the day…
Europe was also flat-ish again today…
Source: Bloomberg
And China was flat-ish on the day (down on week) despite terrible macro data overnight…
Source: Bloomberg
US stocks mixed on the week with Dow leading and Trannies lagging (S&P and Nasdaq levitated green)…
Source: Bloomberg
The market’s expectations for a trade deal are fading (albeit modestly)…
Source: Bloomberg
Momo is up 5 days in a row…
Source: Bloomberg
Treasury yields tumbled once again, completely decoupling from stocks…
Source: Bloomberg
Rates were lower by 5-7bps across the entire curve…
Source: Bloomberg
The plunge in 30Y yields erases all last week’s Abbvie-rate-lock-driven spike…
Source: Bloomberg
The Dollar dumped today
Source: Bloomberg
Cryptos all faded today, all in the red for the week…
Source: Bloomberg
Commodities continued to diverge with copper/crude fading (weak China data) and PMs bid (weak dollar)…
Source: Bloomberg
WTI once again reverted lower from the upper rail of its recent range…
Gold pushed back up to $1475, erasing the losses from the early part of the week…
Finally, in case you wondered… it’s different this time.
h/t BMO Nesbitt Burns
And then there’s this – impeachment odds fell after yesterday’s hearings…
Source: Bloomberg
And if you don’t think the market cares about Elizabeth Warren, think again…
Source: Bloomberg
Tyler Durden
Thu, 11/14/2019 – 16:00
via ZeroHedge News https://ift.tt/374YHHR Tyler Durden