China's Fiscal Plan Falls Flat

China’s plan to ease local government financial pressures fails to win over investors

Highlights

• China’s plan to ease local government financial pressures fails to win over investors

• Trump may have more problems with his fiscal plans than many believe

• A surprisingly dovish Powell is what the bond market needed to hear

• FedEx and UPS gear up for a holiday season price war (positive news for inflation!)

Key Takeaways

Risk-On Rally Runs Out of Steam

• The dramatic post-election risk-on trade looks exhausted at this point. U.S. futures are little changed for a change in the aftermath of a blowout $20 billion net inflow into U.S. equity funds on Wednesday.