Les dépêches, Powell sort un rally de son chapeau, maintenant le passage à vide n’est plus transitoire!

[Reuters] Asian stocks bounce on Wall Street’s Fed cheer; dollar stays weak

Si seuls les économistes des siècles passés avaient compris qu’il suffisait que le patron de la Fed parle pour éviter les récessions, le DJIA serait déjà à plus de d’un million!

Daniel Lacalle‏Compte certifié @dlacalle_IA

Second inflation flip flop in progress. The first was btw Powell's Dec press conference and the 'muted' inflation pressures of early Jan. In early May, FOMC said neg pressures were 'transitory.' Now thinking rate cuts, so can't be transitory. https://t.co/0JGbiYqqZb pic.twitter.com/53Ao8LQKKr

— Jeffrey P. Snider (@JeffSnider_AIP) June 4, 2019

Les baisses de taux se précisent et se rapprochent, les vendeurs à découvert à coeur de lièvre se rachètent avec précipitation.

Est ce que les baisses de taux suffisent à enrayer les chutes boursières? Cela dépend de l’ensemble de la situation: dans le passé en 2001 et 2007, elles n’ont pas suffit.

I'd like to share that the last two "initial rate cuts" by the Fed were January 2001, and September 2007, both at the very beginning of brutal bear markets, during which the Fed continued to cut persistently and aggressively the whole time. You're gonna want to cool those jets. pic.twitter.com/gCIuhoHNns

— John P. Hussman (@hussmanjp) June 4, 2019

La crise vient de loin comme le montre le graphique ci dessous de Snider, le marché l’a diagnostiquée en début novembre 2018.

The last yield curve signal b4 recession is not inversion; it's a steeper curve. Short rates (meaning bills) end up falling faster than long rates (the anticipated series of rate cuts already priced into Euro$ futures). It hasn't happened, yet, but bills:https://t.co/V5GGrv4Exf pic.twitter.com/15fDa5bVcv

— Jeffrey P. Snider (@JeffSnider_AIP) June 4, 2019

[Reuters] Growth in China’s services sector eases in May on slower export sales: Caixin PMI

[CNBC] Four charts show how much China’s economy has changed in 30 years

[Bloomberg] Mnuchin’s Deadlocked China Trade Talks Hang Over Pivotal G-20

[Bloomberg] Australia’s Economy Expands at Slowest Pace in Decade on Housing

[Bloomberg] Jeff Bezos Is Buying Three NYC Condos Worth a Combined $80 Million

[WSJ] Trade Tensions Prompt Fed to Put Interest-Rate Cut in Play

[WSJ] Senate Republicans Threaten to Block Trump on Mexico Tariffs

[FT] Trade war sparks record foreign outflow from China equities

[FT] Italy revives ‘alternative currency’ proposal

[FT] The run on Woodford leaves broader sector exposed

[FT] Russia strengthens China ties in defiance of bellicose Trump

[FT] Emerging markets are the victims of a retreat from multilateralism