USD/JPY is brushing up against 99.00 and the S&P 500 is at the highs of the day, up 1.3%.The government is funded through January 15 and the debt limit raised until February 7. That’s a short timeline but it gives markets a chance to focus on something else for a month or two.Candidates:
  • The health of the economy as data releases resume
  • The potential for a taper
  • Holiday shopping season
  • Corporate earnings
  • Emerging markets
  • The recovery in the European core
  • New stimulus in Japan
On balance, that list contains more worries than potential good-news stories. Watch earnings closely in the near-term. I don’t see business screaming for joy in the way markets are. The three-month deal hardly addresses the ‘uncertainty’ about policy that has dissuaded investment. The Fed will also be wary of tapering with another shutdown possibly on the table.
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