It is the 30th of March 2017

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Albert Edwards: This Is The Reason Why The Market Doesn't Believe The Fed Any More

While it was generally a quiet day in the market, an unexpected tension emerged today: first central banker incubator Goldman Sachs, and then RBC both made the case that Janet Yellen has not only failed to communicate what yesterday's rate hike means, but that the Fed has effectively lose control of the market, by unleashing just the opposite reaction of what the Fed had intended: in fact, as Goldman explained, the response to the market was the equivalent of "almost one full cut in the federal funds rate." In other words, instead of hiking, the market interpreted the Fed's action as a rate cut, which according to Goldman will force the Fed to explain that the market was wrong, prompting even more volatility when the market's inevitable cognitive dissonance hits.

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Trump "Dead On Arrival" Budget Plan Proposes 31% Cuts For EPA, 28% For State Department

In the widely anticipated budget proposal to be released by President Trump on Thursday, the White House will call for spending cuts of 28% for the State Department and 31% for the Environmental Protection Agency, the New York Times reported on Wednesday, citing congressional staff who are familiar with the plan. The budget plan for fiscal 2018 will also propose a big reduction in the State Department's Food for Peace program and elimination of a Transportation Department program that subsidizes flights to rural U.S. airports.

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Cell Phone Searches At Border Crossings Surge 1,100% In February Compared To 2015

The Fourth Amendment to the Constitution of the United States protects American citizens from "unreasonable searches and seizures" and requires "probable cause" to obtain a warrant for such searches.  But there are two places where the Fourth Amendment doesn't apply, even for U.S. citizens, and that's at border crossings and airports.  Now, according to an investigation by NBC News, U.S. Customs and Border Protection (CBP) officials are seriously ramping up efforts to take advantage of that fact. 

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Keeping It Real

This post has to do with something which may seem like an oxymoron: integrity in financial prognostications. What inspired me to address this topic? Oh, that's easy:

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