1. Every single meeting in the UK thus far has focused on the what the downside risks of very weak German economic data, yield curve inversion, Trump Impeachment, and Brexit.  Not one person has mentioned anything offsetting those – like a historic drop in rates, record corporate credit new issuance, and an actual “less bad” turn in the global manufacturing data.
  2. While I was riding in between meetings, the Brexit court decision came on the radio and I realized the US isn’t the only country where people are truly sick of political gridlock.
  3. While I was away, Mike Welch put together a terrific post on the market environment surrounding the impeachment of President Clinton.  It wasn’t negative. 



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