Posts Tagged ‘State of the Union’

Notes From Underground: This Is A Week Filled With …

January 29, 2018

This week for global macro traders is packed with data and policy statements that can ignite the volatility fuse. On Tuesday night, President Trump, the conquering hero of Davos, will deliver the State of the Union address. Chair Janet Yellen will oversee her final FOMC meeting this week. There are also several data releases Thursday and Friday, culminating with the unemployment report.

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Notes From Underground: QE Or Not QE? What a Silly Question

January 23, 2012

It is that time on the calendar when the FOMC gathers to discuss the economic landscape and analyze the output of flawed models to set a course with the a strong sense of absolute certainty of their convictions … at least until the next crisis. Many analysts are spewing the concept of another QE program so as to give the recent improving data some extra lift to insure that the recent growth has legs. It would be a bad decision for many reasons but the top three arguing against any new QE program are:

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Notes From Underground: Charles Dallara, Send In the Eunuchs to Prevent Getting Screwed

January 22, 2012

As the tragedy/comedy of negotiations over the private sector involvement (PSI) in any form of debt relief for Greece continues, it is important to remember that the Institute of International Finance (IIF) has no real leverage in the situation and is merely trying to attain some type of outcome better than the supposed 90% haircut. The IIF represents the interests of large and medium banks as it seeks a compromise that is “fair” to all parties. Let’s remember that while the large banks are pressing for a better deal, many of them are being bailed out by the LTRO program put in place by the ECB.

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Notes From Underground: Obama’s Honeymoon Speech was Over-promised and Undelivered

January 26, 2011

This was a State of the Union that was hyped with so much HOPE for restoring real growth and JOBS to America. As I read the entire leaked speech–which was leaked in entirety–I kept waiting for the real thrust to stimulate growth and I missed it. Simplifying the tax code is a noble endeavor but we have all experienced the inability of Congress to crush the self-interests that without presidential leadership it attempts fail under the weight of lobbying dollars. Ending the tax breaks to energy companies so as to finance the switch to clean energy is nice but oil explorers will lobby or else move to exploring in nations that require the advanced technology that U.S. energy companies thrive on and they will entice them with all types of incentives.

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Notes From Underground: The World Awaits the State of the Union but it is Sarkozy in Search of A Balcony

January 24, 2011

First and foremost: My thoughts and prayers go out to  the Russian people as the nihilistic elements of global terrorism crafted its senseless actions on the Moscow Airport. It is not my bullish view on Russia that provokes my thoughts, but rather the ugliness of NIHILISM. Random terrorist acts are to be opposed wherever and whenever they raise its spectre of wanton destructiveness. The Russians will of course respond with a heavy hand for Putin et al care very little about public relations. Brutality will beget brutality. Political expediency will trump all rationality for  neither Medvedev nor Putin will want to be perceived as weak in the eyes of a resurgent nationalistic populace.

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