The Man With The Midas Touch

It was a slow day on Wall Street for almost everybody except for Donald J Trump. It was make-DJT-rich-again day. His social media company jumped more than 50% immediately after it began public trading under the ticker DJT this morning, making him $5 billion richer by mid-day. You have to love the stock market no matter what you think of DJT.

Tomorrow is another slow day for economic indicators. Federal Reserve Governor Christopher Waller will speak Wednesday evening. Let's see if he changes his tune from his February 22, 2024 speech titled, What's the Rush?" His conclusion was: "What's the rush [to ease monetary policy]?" We are still in his relatively hawkish camp and were surprised by the dovish tone of Fed Chair Jerome Powell's presser last week. Nevertheless, we expect that Waller will remain relatively hawkish.