And So Begins The Rug-Yank Phase Of Fed Policy

"We wish Powell the best in his endeavors.  But we suspect he’ll unwittingly pull the rug out from under financial markets and the economy before he completes his first year.  After that, the fun really begins."

Stocks, Yields, Dollar Surge On News Rubio Is "Yes" On Tax Bill

And just like that, stocks priced in tax reform for the nth consecutive day, because one day after speculation that Marco Rubio would be a hurdle to the passage of tax reform, which pushed stocks modestly lower, moments ago Fox - or is that Disney - reported that Marcio Rubio is a "yes" on the tax bill, sending risk assets soaring in the latest "buy-everything" euphoria.

As Bitcoin Surges To New Record Highs, 5 Lessons For Every Crypto Investor

Once again the stories of the death of Bitcoin appear to greatly exaggerated. Overnight Asian demand sent the cyrptocurrency to a new record high at $17,934 (Bitstamp)... "It is tempting – but wrong – to simply dismiss a 5-digit bitcoin price as the illogical mania of crowds."

Is The Oil Glut Set To Return?

For the second month in a row, the IEA has poured cold water onto the oil market, publishing an analysis that suggests 2018 could hold some bearish surprises for crude.

Frontrunning: December 15

  • Some GOP Senators Press for Late Changes in Tax Bill (WSJ)
  • Here’s Where the GOP Tax Plan Stands Right Now (BBG)
  • Harvard Endowment Chief Pushed for Steeper Devaluation of Assets (WSJ)
  • Net neutrality repeal gives Democrats fresh way to reach millennials (Reuters)
  • With Fox Deal, Disney Adds Hulu to Its Digital Kingdom (WSJ)

European, Asian Stocks Slide But US Futures Rebound As Tax Deal Fears Ease

U.S. equity index futures point to a higher open, having rebounded some 10 points off session lows with the VIX stuck on the edge between single and double digits, while European and Asian shares decline as investors assess central banks’ shift toward tighter monetary policy and concern over tax overhaul ahead of final plan.