Tuning Out the Noise

(1) Two remarkable back-to-back quarters for earnings. (2) Two more to go. (3) Getting closer to our year-end S&P 500 target of 3100. (4) Three happy earnings hooks. (5) Forward earnings converging to higher 2019 estimates. (6) Lots of earnings power in S&P 500 sectors. (7) Jamie Dimon is bearish on bonds. (8) Bears warn that corporate pensions’ tax-related bond-buying will end in September. (9) Inflationary pressures are mounting, but broad inflation measures remain subdued. (10) US bond yield tethered to German and Japanese yields. (11) Noise about escalating trade war weighing on global manufacturing.