Good morning! I'm your curator, Jason Kirsch
Here are today's Editors' Picks:
- Better understand Millennials (SA For FAs)
- Are emerging markets near a tipping point? (John M Mason)
- Argentina's economy will snap back to reality (Ian Bezek)
- Economic Populism takes root (SA For FAs)
Chart of the day: 30yr Treasury rate
Comment of the day, by contributor The Heisenberg
The question going forward is whether the pressure on the stock market will prompt Trump to rethink the tariffs, because without Cohn, it's likely that the only thing which could compel the President to reconsider is a sharp downturn in U.S equities. Consider the following from Bloomberg's Michael Regan, out on Tuesday evening immediately after the Cohn story hit:
S&P 500 futures have opened down about 1%. That suggests the market's knee-jerk interpretation of Gary Cohn's resignation is that neither he, nor anyone else, was able to convince Trump that unfocused tariffs on steel and aluminum imports are a bad idea. The follow-up headline saying the U.S. is considering broad curbs on Chinese imports and takeovers will add to concerns the apparent easing of trade tensions on Tuesday was a mirage. Investors now face a struggle to determine what the U.S. President is more interested in at the moment: U.S. stocks escaping their recent volatility spasms and returning to record highs, or leveling what Trump has long considered an uneven playing field for global trade. Cohn's resignation suggests the president's priorities may have shifted decisively from the former to the latter.
Sound like 1929? You betcha!
Quote of the day:
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Have a great day!
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