We were almost astounded to see the Fed actually raise rates at their Wednesday session.
But what was even more remarkable was the trading on Wall Street in the aftermath.
The two key takeaways: the Dow still gained 34-points and it’s set to open (again) on the upside by another 30 according to the futures.
Even more perplexing was the 10-year Treasury note. It actually DROPPED from 2.38% to around 2.345%. One would logically think that if the Fed announced a rate hike that rates would go up, too. Such is the discounting in markets, I ‘spose.
Hey! Wanna see my imitation of the Fed?
This is the trash barrel outside my office where we were burning stacks of $1,000 bills…oh, wait. No, guess it was Amazon boxes. We must not be a too big to fail, yet.
But you get the idea…Fed’s got money to burn and we will get another bead on that as the H.6 money figures come out this afternoon.
Meantime, the Bank of England keeps interest rates on hold. Which has gone over like the proverbial turd in the punchbow as European stocks, euro dip as central banks dominate.
Retail Up, But…
General Merchandise was down a bit in the latest data out from Census this morning:
Advance Estimates of U.S. Retail and Food Services Advance estimates of U.S. retail and food services sales for November 2017, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $492.7 billion, an increase of 0.8 percent (±0.5 percent) from the previous month, and 5.8 percent (±0.7 percent) above November 2016. Total sales for the September 2017 through November 2017 period were up 5.2 percent (±0.5 percent) from the same period a year ago. The September 2017 to October 2017 percent change was revised from up 0.2 percent (±0.5 percent)* to up 0.5 percent (±0.2 percent). Retail trade sales were up 0.8 percent (±0.5 percent) from October 2017, and were up 6.3 percent (±0.7 percent) from last year. Gasoline Stations were up 12.2 percent (±1.4 percent) from November 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 10.7 percent (±2.1 percent) from last year.
Then there’s the BLS Import/Export prices:
U.S. import prices rose 0.7 percent in November, the U.S. Bureau of Labor Statistics reported today, after
ticking up 0.1 percent in October. Higher prices for fuel drove the increase in November and nonfuel prices
recorded no change. U.S. export prices increased 0.5 percent in November following a 0.1-percent advance
the previous month.
After all of this crap, Dow futures were still up so another toothache pain pill before I apply the ViseGrips to the forearm today. Would that make me armed and dangerous? At least grouchy….
John McCain Has Been Hospitalized Due to Cancer Therapy Side Effects. Not a fan, but we never wish anyone ill…which gets us to…
Other than Film-maker Morgan Spurlock confessing to sexual misconduct, we also saw where a Kentucky State Rep. Dan Johnson dies of ‘probable suicide’ in Mt. Washington. He’d been mentioned in media reports with the word molestation.
Question: Unless there’s a legal finding in some of these cases, is the media culpable for homicide or liable/slander? The NY Times line of suits laid out the “actual malice” test and seems to me a lot of media coverage on this is bumping against that line (and well over it including insider the FBI in the Trump stories).
How do we measure malice is a pretty interesting question. Ah…this rolls around to the….
Mueller Fishing Woes
Did you read where Fusion GPS Paid Top DOJ Official’s Wife To Dig Up Dirt On Trump. Not only that, but FBI staff on Russia investigation called Donald Trump an ‘idiot’, leaked texts show.
Now, come on! At what point do the crooked Obamaites get investigated by impartial/nonpartisans instead of the ever0more clear FBI/DOJ/Lynch et all cover-up?
We figure odds of a special counsel to investigate Mueller, et al, are rising by the hour. as a top Trump lawyer says it’s time...
Bambi and the Fox
We’re saving the Mickey Mouse and Goofy lines for later use.
Low-Intensity Conflict Watch
Norwegian Air ramps up transatlantic fare war with four new routes. Rates out of LAX and JFK…so little use here in FOL (fly-over land).
Off to talk to my sourdough starter. It’s considerably smarter than the news flow today. Mor’on the ‘morrow…