White Swans

(1) Bullish chowder. (2) Frothy valuations. (3) Swamp sickness. (4) Betting on downsized Trump agenda. (5) Benchmark model pinpoints next recession in March 2019. (6) NBx2 scenario: No Boom, No Bust! (7) Price inflation is keeping a lid on wage inflation. (8) Are bond investors seeing less growth or less inflation or both? (9) Big Three central bank balance sheets remain ultra-easy, on balance. (10) Fed’s priority is probably to raise rates more before reducing balance sheet. (11) Update of quarterly valuation ratios shows mixed picture.