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Analysts at Rabobank suggest that for markets, today’s data is thin on the ground with just US housing starts (Consensus: 1,256K) and building permits (consensus: 1,290K) along with consumer confidence (seen rising to 124.9 post end of the government shut-down).

Key Quotes

“We also have the Fed’s Powell giving his semi-annual testimony to the US Senate, which should be interesting in that he has to explain exactly what has happened in the last few months that has seen the US central bank pirouette with all the intellectual grace of a concrete elephant. Bloomberg reports he will try to paper over the cracks between the FOMC camp wanting to stay on hold and the other wanting to restart rate hikes if the economy holds up. Good luck with that.”

“We will, of course, also be watching and waiting as North Korea’s slow train to Vietnam trundles into town to talk about real nukes. Once again the market has shown remarkable sangfroid in that not so long ago there were perhaps real reasons to worry about mushroom clouds over Guam or Hawaii. Now the only interest seems to be on the relative injustice of the Kim Jong-Un impersonator being arrested and deported and the Donald Trump impersonator being allowed to stay.”