That’s right… ‘Fecstasy’ is our combination term for ‘Fed’ and ‘ecstasy’, which seemed to grip the U.S. equities market after Wednesday afternoon’s FOMC announcement and follow up Chair Yellen press conference.
Since Wednesday morning’s very much stronger than expected U.S. ADP February Employment report there has been a battle in the U.S. equities between that and some key less than bullish factors. Even prior to that release there was Tuesday morning’s Organization for Economic Cooperation and Development major semiannual Interim Economic Outlook. It seemed less upbeat than their recent monthly Composite Leading Indicators might have suggested.
The recent antics of the Senate Democrats add to the previous anti-Trump actions that seemed rather pointless and might be more than a bit self-destructive. It is of course not just them. As noted in our Jan. 23, “Kool-Aid crisis” in America post, the degree of commitment to their own agenda and philosophy by each side of the U.S. political divide leaves it less than possible to achieve any real synergistic dialog and constructive result. Years have turned into over a decade of substandard leadership in the United States on the back of aggressive and highly divergent views of America’s role…and each side is dead sure it’s right and the other side has nothing to offer.
The big OPEC meeting is about to start and already comments from OPEC leaders is impacting crude oil prices. Yet it might be a warning from the OECD that may actually have more influence on the oil trade today.