You can feel the market sigh in relief with each report that makes an upside case for the 2025 earnings environment,
That’s one thing you can have confidence in when it’s harder to have confidence in where monetary policy is going to be, where inflation is going to be, and where the tariffs are going to be,
Notably, earnings-day volatility has not been simply a factor of higher macro volatility,
So far, markets have reacted to every statement made by the President, even those that should not have any impact,
U.S. businesses are starting 2025 in an upbeat mood on hopes that the new administration will help drive stronger economic growth,
If 2024 was the year of the election, 2025 is the year of earnings,
The better growth we are seeing in Corporate America may be contributing to the ability of 10-year yields to find a bottom for now,
Trump's Davos speech contained some ostensibly positive lines (he called for OPEC to lower oil prices, demanded central banks lower interest rates, and reiterated prior pledges to slash taxes and regulation) but there was very little either incremental or within his control,
He really can’t control interest rates, but the market likes to hear that kind of stuff,