US equities opened on a weak note, pressured via most other world markets. Price action quickly slipped into micro chop mode. The closing hour broke a new intraday high of 2894, but there was a touch of cooling into the weekend. Volatility was subdued, only seeing a high of 16.40, and settling -3.4% at 15.28.
Meanwhile, Trump continues to bash Fed chair Powell...
"We call it quantitative tightening. If he didn't do tightening, if he did nothing, or perhaps even loosened, we would be, in my opinion - just an opinion - 10,000 points higher than already a very high number".
Full clip; see https://twitter.com/ABC/status/1139512541850349568
I can't but wonder what Powell makes of this. Will he capitulate to the US President, cut rates faster and deeper, and also spin up the printers earlier than almost anyone expects? Or will he be inclined to resist? As a sideshow issue, its kinda entertaining. For the record, Powell has my sympathy, if only transient.
|The first sunny day in a week|
|Another arrival to the land of geo-political chaos|
|Full moon... Monday June 17th|
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Goodnight from London
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