The Department of Housing and Urban Development has suspended the reduction of annual mortgage insurance premiums that was supposed to go into effect January 27. …read more
Source: Trump suspends mortgage premium rate cut
By Tyler Durden
As reproted earlier, violence erupted in some streets of Washington, D.C as members of a group dressed head to toe in black smashed the windows of cars and store windows shortly before President Donald Trump took the oath of office. Over 90 people were arrested, Interim Police Chief Peter Newsham said in a Periscope video posted on Twitter.
Quoted by ABC, He added that the problems were caused by one group, “and it’s a very, very small percentage of the number of folks that came here to peacefully assemble in our city.”
Police said in a statement an organized group marched through the northwest part of the city at around 10:30 a.m., and that “members of the group acting in a concerted effort engaged in acts of vandalism and several instances of destruction of property.”
The police statement said the group damaged vehicles, destroyed the property of multiple businesses, and ignited smaller isolated fires” and that police vehicles were among those damaged.
So far at least three police officers have been injured, and approximately 100 protesters arrested.
Meanwhile, as ABC also reports, the anti-Trump protest has shifted to Manhattan, where it notes that protesters have blocked traffic outside the Trump Tower on Fifth Avenue.
Protesters block traffic outside Trump Tower in Manhattan following Pres. Trump’s #inauguration https://t.co/r6XHIFhUBb pic.twitter.com/94VFHUFCCa
— ABC News Politics (@ABCPolitics) January 20, 2017
More protests are likely in other cities, with groups already congregating in Los Angeles and other major cities.
Billed as “United against hate” protest begins in Los Angeles pic.twitter.com/GaBmR3fwXb
— Jennifer Medina (@jennymedina) January 20, 2017
Source: Protesters Block Traffic Outside Trump Tower In Manhattan
Shortly after Donald Trump was sworn in as the 45th president of the United States, he gained another prestigious title: @POTUS. …read more
Source: Twitter transfer of power: Trump gets @POTUS
The Dow climbed about 100 points on Friday morning as investors around the world await the swearing in of America’s 45th president. …read more
Source: Stocks greet Trump era with a bounce
By Tyler Durden
The day is finally here: the long and turbulent 2016 election reaches its dramatic conclusion today when Donald Trump is sworn in as the 45th president of the United States. In a ceremony likely to draw 900,000 people, including protesters, Trump and his vice president, Mike Pence, will take the oath of office at noon outside the domed U.S. Capitol, with U.S. Chief Justice John Roberts presiding.
The inauguration by the numbers:
* * *
The Inauguration
The inauguration of the controversial real estate mogul and former reality television star will largely follow tradition, but there will be several unique changes scattered throughout.
In what will likely be the most personal touch, Trump has chosen his childhood Bible for the swearing-in ceremony. He will also use the Lincoln Bible, which has been used at three previous inaugural ceremonies: that of Abraham Lincoln in 1861, and for Barack Obama both in 2009 and 2013.
Unlike previous inaugurations, the lineup of performers has been largely kept quiet as a number of individuals who were either asked to participate or who were announced as part of the lineup ended up dropping out following backlash. One performer who has been confirmed is Jackie Evancho, a 16-year-old “America’s Got Talent” alum. She will be singing the national anthem.
Another abnormal aspect of the day will be the number of congressional Democrats who have announced that they are skipping the inauguration. The latest count has one-third of all House Democrats skipping the inauguration. There is no modern precedent for a planned political boycott of this scale. The boycott does not appear to have shaken Trump, who used his most common form of communication to make his first statement of the day. Trump sent out a tweet from his personal account, writing “it all begins today!”
It all begins today! I will see you at 11:00 A.M. for the swearing-in. THE MOVEMENT CONTINUES – THE WORK BEGINS!
— Donald J. Trump (@realDonaldTrump) January 20, 2017
The day’s schedule of events follows the familiar pattern of inaugurations of the past, however, as Trump will have stayed overnight at Blair House across the street from the White House and will go from there to a church service. Then, he and his wife, Melania Trump, will go to the White House for tea with the Obamas before proceeding to the Capitol.
The swearing-in ceremony will take place shortly after they arrive, and Trump will take the oath of office promptly at noon, which marks the official transfer of power.
The inaugural address comes toward the …read more
Source: The Trump Inauguration: All You Need To Know
By Tyler Durden
When looking at the latest weekly fund flows, it is clear that the Trump trade is over if only for the time being. As BofA reports, citing EPFR data, the last week saw the largest precious metal inflows in 5 months ($1.3bn), the 4th consecutive week of bond inflows ($4.5bn), and a week of modest $1.7bn equity inflows, however US stocks saw $2.5 billion in outflows, representing the 4th weekly outflow in the past 5 weeks.
Some highlights from BofA’s Michael Hartnett:
Election to Inauguration flows: since the US election, BofAML GWIM ETFs show private clients big buyers of Financials, Materials, Bank Loans, Industrials, TIPS, Value; big sellers of Low-Volatility & Precious Metals
Inauguration reversals: EPFR flows show partial profit-taking in these Trump reflation trades into the inauguration…1st outflows from financials in 17 weeks, 1st government bond inflows in 6 weeks (largest in 6 months), and 1st inflows to precious metals in 10 weeks; we also note 1st outflows from HY funds in 8 weeks; but we also see ongoing inflows to “inflation trades” of materials, TIPS, and (in particular) bank loans; so a “pause” in the Davos Man to Joe Six Pack rotation rather than major reversal
Post-inauguration tactics: meanwhile our Global Flow Trading Rule, which had flirted with a “sell” signal mid-Dec’16, has pulled back from the abyss (inflows to equities & HY currently below the 4-week “sell” threshold of 1.0% of AUM, and global PMIs continue to trend higher
Stick with Icarus Trade: our BofAML Bull & Bear Indicator also indicates more bullish sentiment (up to 3-month high of 4.9 – Chart 2) but remains some way below “sell” trigger of 8.0; Positioning, Profits & Policy make us stick with our Icarus Trade view… any Jan/Feb wobble to be followed by one last 10% melt-up in stocks & commodities in H1 before visible investor “hubris” on macro & markets signals the “Big Top”
And the details:
Asset Class Flows
Fixed Income Flows
Equity Flows
By Tyler Durden
Global shares were mixed, equity futures, the dollar and crude rose as investors focused their attention on today’s inauguration of Donald Trump as U.S. president. While the early tone is well bid, some traders anticipate a volatile session, with speculation that a bout of “sell the inauguration” could cap the aging Trump rally, which started with his inauguration.
Despite last night’s Yellen speech which was more dovish than her remarks just 24 hours earlier, and which suggested that the US economy is “not overheating”, the dollar managed to rebound from overnight losses and was trading 0.2% higher this morning. The early gains came after China reported its first economic expansion in 2 years (conveniently with president Xi in Davos) with GDP rising to 6.8% after quarters of decline.
However for the year, China’s GDP growth declined to the slowest pace in 26 years, despite a record debt load and record weak Yuan.
But it will be all about Trump today: tens of thousands of law enforcement officers and miles of barriers were in place in Washington D.C., as officials braced for hundreds of thousands of people planning to celebrate or protest the inauguration of Trump. The inauguration is “definitely a big moment for the markets,” said Neil Mellor, a London-based currency strategist at Bank of New York Mellon Corp. “We could get more clues about what Trump is planning today. If he ramps up the rhetoric the market will be concerned about building long dollar positions.”
“All eyes will be on the content and style of Trump’s inauguration speech,” Morgan Stanley’s Hans Redeker wrote in a note. “The more ‘Presidential’ this speech comes across, the better the outcome for markets.”
“[Trump is] likely to talk about job creation and unifying the U.S. and we may have to wait a bit longer for details on economic measures,” said Natixis fixed income strategist Cyril Regnat.
“It’s clear that investors have reached a level where they are prepared to wait and see what the Trump administration has to offer,” said Ric Spooner, chief market analyst at CMC Markets Asia Pacific Ltd. in Sydney.
Trump’s inauguration ceremony “will be followed by a speech that will be carefully decoded by those looking for signs of things to come in the new U.S. administration, an exercise that amounts to political astrology in an era characterized by a shakeup of the old rules of the game,” Citigroup’s chief global political analyst Tina Fordham wrote in note.
As Bloomberg notes, rallies in the dollar and equities are easing this week before Trump is sworn in as the 45th American president, with investors growing anxious for indications the administration will follow through on pro-growth campaign promises. Billionaire investor George Soros said the euphoria among stock investors since Trump’s victory will end as uncertainty takes over. The Dow Jones Industrial Average has churned in its tightest range ever over the past month.
European stocks opened weaker before recouping some losses to trade flat. Trading was …read more
Source: S&P Futures, Dollar Rise As World Awaits Trump Inauguration Speech
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