Check my new Substack post : THE ECB CUTS RATES. UNFOUNDED TRUMP ENVY

vtor.substack.com?utm_source=n...

The Trump crisis just entered a new dangerous phase with the sell-off of Treasury bonds. Yields increased and the dollar continued to depreciate. It seems a market rotation out of US assets. The slide shows the German bunds did not increase as much. US Treasuries losing their save-haven status? 1/

According to the ignoramus-in-chief a bilateral trade deficit with one country means “subsidizing” that country.

I did a keynote address at a Banco de Portugal meeting of Portuguese economists about the future challenges to Monetary policy. See the slides I used at www.dropbox.com/scl/fi/mea8d...

The tech crypto bubble goes bananas. A crypto tycoon bought the Comedian’s banana in a Sotherby auction for $6.2 million after a competitive biding among many participants that started at 800 thousand dollars. The 1% is indeed in a bublle

The Euro Area Composite PMI for November was 48.1 against an expectation of 50 and the Service sector PMI was 49.2 versus an expected 51.2, showing activity decelerating (<50) for the first time in 10 months. The euro is sharply down v. the dollar but the ECB has to cut rates again. 2/2

The Trump stock rally is plateauing and the Conference Board leading indicators continue to point down for future economic activity deceleration. Tax cuts and tariffs increase may have an initial net positive effect on stock prices, but not on activity going forward. 1/

The sugar-high jump of US stock indices after the Election have now been reversed, from the S&P 500 to the Russul index for small firms. That is not the end of all Trump trades but reflects the huge uncertainty that Trump Administration policies create.