As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
The Business Roundtable said its members forecast that growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%.Politicsread more
Some worry the regulators will squander an opportunity to crack down on potentially monopolistic behavior due to their own infighting.Technologyread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
"Psst. Hey, Bud. Want a sure thing? Anytime the VIX has an 11 handle, back up the truck and go long volatility because you will never lose money. Doesn't happen often but when it does ..." Nope, not deja vu all over again and not Groundhog Day either; I wrote that line in the Sept. 16 note and sure enough, heading into last weekend, the VIX traded with an 11 handle — to be fair 12 is usually just as good an entry point — and BANG! the cash register was rung. Nonetheless, we almost made it through the last week of the quarter with scant volatility but the minefield that is the market was too laden with potential trigger points to escape unscathed.
Twelve Fed speakers, including Janet Yellen's semiannual testimony to the House Finance Committee; a batch of economic releases; the House's shot at John Stumpf of Wells Fargo and the potential knock on Wall Street, big banks and whatever grandstanding they think might help get them re-elected; and a stop-gap funding vote to keep the government running. And did I mention the great debate, the ultimate reality show that may have had the Kardashians either cringing (unlikely) or jealous (more likely) or unaware that it was scheduled to occur (most likely). But in the end it was what wasn't scheduled or anticipated that took the market up on Wednesday and then plummeting on Thursday; paradoxically the unexpected that, no surprise to us, always surprises markets: an OPEC agreement (the ultimate oxymoron) and concerns about Deutsche Bank's balance sheet. On Friday, the last trading day of the third quarter, more realistic views of DB's financial fitness drove their common equity and bonds higher and took markets with it, providing an opportunity to mark up portfolio positions closing out the month on a flattish note and the quarter with a very nice gain.