19 March 2018

Bassanese Bites: Don’t fight the Fed – Week beginning: 19 March 2018

With little major market moving data last week, the focus was (once again) on the antics of US President Trump.  His decision to sack his Secretary of State Rex Tillerson and then threaten huge new tariffs against China unnerved Wall Street for a few days last week, and contributed to a 1.2% decline in the S&P 500 Index. Bond yields also eased back and the $US was steady – though the latter was momentarily boosted by new US Presidential Economic Advisor, Larry Kudlow (yes I know..), suggesting he favoured a strong $US.

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