Opinion Wednesday 12 July 2017

Donald Trump Junior’s Russian email saga provided a bit of volatility to the yesterday’s afternoon trading session. Trump’s eldest son released an email chain in which he said he would welcome the possibility of Russia helping his father’s campaign via compromising information about Hillary Clinton. The S&P500 index sold off on the news, falling more than 0.5%, but it recovered almost all of it’s loses in the second half of the Chicago session. The email news triggered a rally in US Treasuries and the US dollar was weaker against most currencies. In other news, Fed Governor Brainard reiterated her views for a cautious approach on future rate hikes and noted that she would ‘’soon’’ be ready to support the Fed’s plan to reduce its balance sheet. How soon remains one of the key questions for markets.

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