It is the 27th of May 2017

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"Sell In May"... And Buy Bonds?

That SocGen's Andrew Lapthorne has long held a cynical view of the stock market's relentless grind higher, similar to that of his colleague Albert Edwards, is not a secret: he made as much clear in the first sentence of his latest note to client "time to sell equities to buy bonds?" in which he said that "to the apparent surprise of many, last week the S&P 500 actually fell, losing 1.82% on Wednesday alone, the worst daily return since September last year. That such a song and dance was made about it was probably more a function of the subdued nature of equity markets recently than the actual performance impact itself - after all the S&P 500 ended the week only down 0.4%."

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Trump's Budget Will Slash $1.7 Trillion In Entitlements, Cut Food Stamps By 25%

More details from President Donald Trump’s first budget proposal are trickling out via a flurry of overnight reports from The Washington Post, Associated Press and Bloomberg News.

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Flynn Blames "Escalating Public Frenzy" For Refusal To Comply With Subpoena

Several hours after the AP reported that former National Security Advisor Michael Flynn would refuse to comply with a Senate subpoena, nor produce requested documents as he prepared to plead the Fifth, his lawyers explained that a daily "escalating public frenzy against him" and the Justice Department’s appointment of a special counsel "have created a legally dangerous environment for him to cooperate with a Senate investigation."

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