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1.Market Observations, 8.Was Sticky

20 May 2017 (AFR) – From ‘Trump trade’ to the ‘impeach trade’

(20 May 2017, AFR, p31, by Patrick Commins)

Comparative performance - S&P500 vs US Dollar Index‘For now, what’s bad for Trump is seen as bad for markets. But as the chatter around impeachment grows, investors may eventually decide they are better off without him. This week’s revelation of memos that seem to offer prima facie evidence of the Trump obstructing justice jolted markets. Added to recent reports of the US president¬†revealing secrets to the Russian foreign minister and ambassador, the interpretation was the chance of an impeachment had jumped from improbable to possible. “The thought of President Trump being impeached has traders (and us) spooked,” CBA bond strategists Adam Donaldson and Philip Brown wrote on Thursday, the day after the S&P 500 index had suffered its worst night of trading in eight months.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)US 10-year bond yield and S&P500 July 1974 (c. Nixon resignation)

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