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No surprises from the Fed–for 2017 anyway

No surprises from the Fed–for 2017 anyway

At today’s meeting of the Federal Reserve’s Open Market committee, the central bank kept its benchmark short-term interest rate unchanged at 1% to 1.25%, and announced that it would implement its plan to shrink its $4.5 trillion balance sheet by $10...
All eyes on the Fed’s Dot Plot after Wednesday’s meeting

All eyes on the Fed’s Dot Plot after Wednesday’s meeting

The Dot Plot is a feature of every quarterly meeting of the Federal Reserve. It tracks changes in the consensus (and range) of opinion at the Fed on core macro economic issues such as inflation and interest rates. And, most importantly, it tracks changes in opinion at...
Enjoy those Labor Day festivities

Enjoy those Labor Day festivities

Happy Labor Day. Which also marks the end of summer, sigh. (Although the financial markets in the United States are closed, hurrah!) Hope you’ve had a great season of sun and fun. Give a thought to everybody who works in this very tough environment and everybody...
Tencent crushes revenue growth; margins slip

Tencent crushes revenue growth; margins slip

I’m on vacation until September 7. I wrote this update on portfolio holding Tencent Holdings on August 21.   On August 16 Tencent Holdings (TCEHY) reported second quarter year over year revenue growth of 59%. That was the highest revenue growth in the last seven...
Quiet day so far but trends intact under surface

Quiet day so far but trends intact under surface

A very subdued market so far (at 2 p.m. New York time) today. Maybe its the solar eclipse. After all who wants to put on a long position when the sun is about to be eaten by dragons? As of 2 p.m. the Standard & Poor’s 500 stock index was up just 0.06%. But...