It is the 30th of March 2017

News

Mnuchin "Not Worried" About Robotization Of America's Workforce Despite Shocking New Report

Treasury Secretary Steven Mnuchin said Friday that he wasn't worried about artificial intelligence taking over American jobs. However, on the same day, a new report by PwC showed that more than a third of U.S. jobs could be at "high risk" of automation by the early 2030s, a percentage that’s greater than in Britain, Germany and Japan.

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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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Goldman Downgrades Stocks One Day Before The Fed: "Asymmetry For Equities Is Getting Worse"

After numerous warnings from Goldman strategist David Kostin that stocks are expensive, most recently over the weekend when he wrote that  "investors will soon capitulate on their expectation of upside to 2017 EPS forecasts as they face the reality that the accretive impact from tax reform will not occur until 2018" and that "revisions to consensus EPS forecasts during the past few months have been negative for both 2017 and 2018" moments ago Goldman officially downagred equities.

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North Korea Puts Army Into "Combat Mode"

It's been at least 24 hours since any further sabers were rattled between China, US, South Korea, and North Korea (oh and Japan), but it according to DailyNK.com, Kim Jong Un has ordered the entire North Korean army into "combat mode" to tighten security and consolidate sentiment in response to military drills conducted by South Korea and the US, which began in early March.

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