Global Daily: Transparency

In an environment clouded by uncertainty and obfuscation, we can look to none other than US President Trump as a source of transparency. Indeed, yesterday afternoon, White House Press Secretary Karoline Leavitt said that “the President has been very transparent about his displeasure with both the policies and the management of the Fed.” While tactful, it may also be the understatement of the century. After the retail sales data release, Trump publicly pushed for rate cuts once again truthing “’Too Late:’ Great numbers just out. LOWER THE RATE!!! DJT.” The rates market was unconvinced by Trump’s plea, with investors still positioned for around 1.7 cuts by year-end, the same positioning as before the data were released.