Weekly Commentary: Lacking A Good Scenario

Markets are increasingly fragile; on Friday investors began to accept a serious, unfolding predicament that may not be offset by political (Trump) or Federal Reserve 'puts'. Expect continued risk-off positioning and heightened market sensitivity to macro or policy disappointments absent clear policy support.

Analysis

Markets are increasingly fragile; on Friday investors began to accept a serious, unfolding predicament that may not be offset by political (Trump) or Federal Reserve 'puts'. Expect continued risk-off positioning and heightened market sensitivity to macro or policy disappointments absent clear policy support.