It is the 21st of July 2019

News

This Has Never Happened Before In Global Equity Markets

Unless the world comes to a very serious end overnight, global equity markets are about to do something they have never done before... rise for 13 consecutive months.

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BMO Sees Risk Of Curve Inverting "As Early As March 2018"

Over the weekend, we published an analysis from Citigroup looking at how long after the yield curve inverts do investors "have to worry."  The results were interesting: as Citi wrote, while sometimes inversion provides a timely signal for the economic cycle a la 2000, "where Professor Curve predicted almost the ding-dong high in the SPX", other times, like the 2006 inversion, dished up 7 months of pain for equity bears, with 18% further upside for the SPX. The same occurred for the 1989 episode where equities continued to rally 22% into the 1990 recession.

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Trump Wins: Judge Denies Obama Holdover's Suit Against Mulvaney Running CFPB

In a somewhat unsurprising decision, President Trump won a legal fight over who gets to run the Consumer Financial Protection Bureau (at least for now).

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