Trump Does a Deal with the Devil... and Investors Love It!

Warsh did cut! The words, guidance, and his time on stage.

Key Takeaways

• Markets Move the Rate-Hike Clock Forward: Market-based odds of a rate hike have now moved to 50-50 for September… prior to yesterday, that coin flip was saved for December. The futures strip now assumes a 90% chance that we see a rate hike this year and a coin-toss for two moves. We remain skeptical.