Action Economics Survey results:
Action Economics Survey results: the Trump revolution continues to have major impacts on the global markets. Wall Street has climbed to record highs, in large part on hopes of a more supportive business climate. Yields have surged too, in part on massive cash flows into risk assets, and in part on worries over an acceleration in price pressures. There's probably more re-jiggering to be done in the markets given the long stagnation and complacency that has been built up, but the wild volatility is subsiding. In the meantime, a December Fed rate hike is about a sure a bet as there can be in the markets currently. All Survey participants continue to forecast a 25 bp hike next month, for a one-and-done for now. Attention in the U.S. will turn to Thanksgiving, with just a light economic calendar to distract.