sp'daily5
VIX'daily3
Summary
US equities opened on a positive note, as Q2 GDP data came in within what is arguably the 'Goldilocks' zone. The US President didn't miss the opportunity to take a mild swipe at the Fed...
It will be interesting to see how Trump reacts to rate cut'1 next Wednesday afternoon. I'd imagine he'll say something like 'its a start... but rates are still too high!'.
The Kudlow made an appearance...
It was truly bizarre to see Kudlow deem fed action since Trump's election as being 'severe monetary tightening'. Seriously? Rates have only been raised to 2.25/2.50%, with a reduction in the balance sheet of $657bn (as of July 25th 2019).
These are indeed crazy times, where most have lost any degree of perspective. I don't think Larry knows he has been in the twilight zone for quite some years.
The afternoon saw equities lean upward, with the SPX and Nasdaq comp' both breaking new historic highs. Volatility remained subdued, with the VIX settling -4.5% at 12.16.
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Goodnight from London
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