In this latest issue of my weekly podcast, I examine the recent global equity market optimism and the further rise in long-term Treasury yields. Could more inflation be on the horizon? Or are markets wildly overestimating the impact of a rumored "Phase One" trade deal about to be unveiled between the U.S. and China? Or maybe a bit of both. Economic fundamentals, meanwhile, remain on a deceleration path. Mario Draghi steps down from the ECB presidency to make room for Christine Lagarde--with much celebration even as European central bankers complain about Draghi's recent QE push. Around the world, in politics, this was a great week for populists. Fernandez y Fernandez won in Argentina, returning the Peronists to power. The AfD wins big in Thuringia, expanding the populists' right-wing power base in the states of old East Germany. Matteo Salvini's Lega party wins big in Umbria--which marks the eight regional win in a row for Salvini and his right-wing allies. In Spain, the new election called for by Socialist Prime Minister Pedro Sanchez backfires: The Socialists end up losing seats, while the new right-wing Vox party doubles its representation. As for Britain, Prime Minister Boris Johnson finally got his Brexit deal--and finally got the House of Commons to go along with his plea for a new election. It's coming up on December 9-12. Stay tuned.
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