Monday – March 4, 2019

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Market opens higher again with the same old story, a trade deal between the US and China continues to progress with a formal signing targeted at a meeting with Presidents Trump and Xi in Florida in a couple of weeks. The Market has gone a long way to price a deal in and the details seem more focused on attacking the deficit and less about fairness, namely intellectual property and Chinese company favoritism. But the fact is, the strength for stocks in the young year continues in March. Global Markets were largely in the green overnight on the news. President Trump praised the US Economy but knocked the Fed again, in a speech over the weekend. Brexit continues to meander without a clear plan ahead of the March 29 deadline. The Bond Market continues to doubt this Bull Market in stocks, with the 10-Year Treasury yield, stubbornly stuck around 2.7%. The Fed reversal on monetary policy is the biggest reason for this while lower yields overseas have ours anchored. But if things were really healthy and growing, rates would be ticking higher. They’re just not. Crude is higher in early trading. Gold is lower.

Have a great morning,

Mike Frazier

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