The Cavalry Isn’t Coming… Investors Are on Their Own

October 15, 2020

U.S. Treasury Secretary Mnuchin concedes that a fiscal stimulus deal before the election isn’t going to get done, and there’s little reason to expect the dynamics to shift after November 3rd. Central bankers, whose policies are hitting diminishing returns, have been pleading for more forceful fiscal support. The Dallas Fed President said displaced workers will […] More

U.S. Flinches on Threatened Trade War

May 21, 2018

Treasury Secretary Mnuchin said on Sunday talk show that plans to impose massive tariffs on Chinese imports were being suspended amid progress on negotiations. Monday’s other meaningful development has been another 2-basis point increase in the 10-year Treasury yield in futures trading. That rise contrasts with decreased 10-year sovereign debt yields of a basis point […] More

Markets Trading on Policy Perceptions, Not Released Data

January 24, 2017

The nominee for U.S. Treasury Secretary, Steve Mnuchin, gave a nuanced view on dollar strength, saying such is a desired long-term goal but also can be detrimental to the economy in the short run. As promised, U.S. President Trump nixed U.S. participation in the Pacific Trade Pact (TPP). Other Asian nations led by China will […] More