FBI Fires Analysts Who Drafted Controversial Anti-Catholic Memo

Uncertainty Rules! By Elwin de Groot, head of macro strategy at Rabobank US Treasury yields drifted higher yesterday after the Financial Times reported, citing people close to Fed Chair Kevin Warsh, that he would be prepared to raise rates as early as September if incoming inflation data surprise to the upside and markets themselves begin pricing a more hawkish path. Yet the market reaction was not confined to the front end suggesting investors were not interpreting the story in a straightforwardly hawkish manner. That ambiguity is understandable. If markets push yields higher...

Trump-Xi Summit Cheat Sheet: New Deals, Extended Trade Truce, But No Breakthrough? The White House released an itinerary for next week's Trump-Xi meeting, including plans for Trump to greet Chinese President Xi Jinping at Joint Base Andrews. Ahead of the summit, Bank of America analysts outlined modest expectations, telling clients they see "little scope for a major trade breakthrough." Bloomberg reports that Trump will welcome Xi at Joint Base Andrews on Wednesday, opening a visit that includes bilateral talks and a White House state dinner on Thursday. Trump and Xi will be...