Wages and salaries +3.1%, also the highest in 10 years. 2008. Hmm. The end of the prior expansion, then the drought through 2016. Policies changed, regulations slashed, taxes reformed, growth resumes. Amazing how this is shown time and time again, but no one learns.
Yellen: Feels two more rate hikes appropriate, fears the debt (NOW she fears it?). Says if she had a magic wand she would raise taxes. Why not, if you had a magic wand, have it eliminate waste, duplication, fraud, and other unnecessary spending by the government? Less government, motivated workers who do the will of the electorate versus pursue their own agendas? Yellen is an idiot as she proved in trying to get Greenspan to 'pick a number' in terms of what is acceptable inflation. The Fed members have untold hundreds of thousands of dollars of education, perhaps millions, between them, yet they absolutely do not understand how real world, real life economics works.
Earnings beats: GM; ATHM; CLX (but warned); EL; GRMN; YUM; EA; TMUS; AMGN; FEYE
Misses: FB (TL, users miss); CAKE (TL)
Warnings: BIDU. Duh.
Bonds: 3.151% vs 2.119%
EUR/USD: 1.1318 vs 1.1342
USD/JPY: 113.20 vs 113.09
Oil: 66.35, +0.17
Gold: 1218.40, -6.90
Futures holding their gains, gap upside at the open. Looks to be day 2 of the relief move off the second leg of selling. We will see if we can get any decent entries.
Jon Johnson, Chief Market Strategist
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