Mr Market Goes to Washington

With the US presidential election only 4 months away, few expect the FOMC to do anything to rock the boat.  The BoJ, on the other hand, is threatening to capsize it.

Note the USDJPY’s overnight plunge, all based on the expectation that the BoJ won’t expand QQE at all later this week.  If not, what ‘s to become of the 184-pt post-Brexit rally that was based on the expectation that they would?2016-07-26 USDJPY 5 0600While on the topic of politics, I’ve had a few inquiries as to where I stand on the upcoming elections.  I’m usually annoyed when celebrities or business luminaries act as though their insight is of any particular importance to voters.  Thus, I have no intention of wading into those same waters.

I dislike most politicians, as I believe they are products of a system that is hopelessly flawed.  Money rules, and it’s become notably worse over the last decade — particularly with the Citizens United ruling.  Until money is somehow removed from the process — and, I see no hope of this any time soon —  I expect candidates to continue to do the bidding of those who donate the most.

I’ll watch the election closely for its impact on financial markets, but will keep my views of the candidates where they belong — to myself.

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