It is the 19th of February 2017

News

RBC: "This Is The $1 Trillion Question On Our Clients' Minds"

With Dennis Gartman seemingly correct this time, and the market not only melting up, but in full "blow off top" mode, traders can only sit back and watch in quiet amazement how nothing can lead to even the most nominal of downticks. So in hopes of bringing some daily clarity, here is RBC's cross-asset head Charlie McElligott with his daily dose of market zen, focusing not only on the key events of the day, namely China's record credit injection and Yellen's more hawkish than expected Congressional testimony, but with an observation of what "continues to be the chief concern of clients on recent marketing swings", namely "The TRILLION dollar question: when does all of this “inflation as a good thing” tip over into “inflation with no growth”—aka STAGFLATION?"

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US To Sell 10 Million Barrels Of Oil From Strategic Petroleum Reserve In February

Following a January announcement according to which the DOE planned to sell 8 million barrels of oil from the Strategic Petroleum Reserve, and which some speculated was the reason for the big buildup in crude inventories in the past several weeks, today the U.S. Energy Department said it will sell 10 million barrels of oil from the government's emergency crude reserve in late February. 

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Japan Preparing "Package" To Create 700,000 US Jobs Ahead Of Trump Meeting

We were skeptical when two days ago we reported that Japan was contemplating investing some of the hundreds of billions of pension savings held in its massive, $1+ trillion GPIF pension fund into US infrastructure projects, a story which the GPIF itself quickly denied. However, we were all too clear about the motives behind this proposal trial ballooned by Prime Minister Abe: appease Trump in any way possible during next week's, Feb. 10 meeting between Japan and the US, to avoid being labeled a currency manipulator (which Japan certainly is with a central bank balance sheet roughly the same size as its GDP) so that Japan's QE, the backbone of Abenomics, can continue. If that included make ridiculously impossible promises, so be it.

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Uneven Distribution of Wealth in the World

Where would you have to jump on a plane to in order to be able to see the most egalitarian country in the world? Where exactly would you need to go and could you take it living surrounded half the year with snow, or with a volcano ready to erupt? But, you might just put up with all of that just so long as the people had a greater and more even distribution of wealth between them.

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