Donald Trump is threatening to close the border and all economic activity with Mexico. This could have a devastating effect on small business in America. Just FYI, Declan. I posted this with the NY Mag article link:

Let's not kid ourselves. Donald Trump hates Mexico. He wants revenge over those he hates. Read this and you will never doubt this truth again: nymag.com/.../...overnment-shutdown-recession.html

Update 2: Trump has threatened to throw the United States into an economic decline, as I have warned about. He has threatened to close the US/Mexican border over the wall. His dispute with Congress, with which he doesn't have the votes, is not a dispute with Mexico. But he hates Mexico and wants to destroy trade with that nation. This will damage both US companies and consumers. He made a deal, but I have warned that Trump's desire for revenge may be closer to his heart, his dark heart, than any deal he has made.

So, basically, Powell said economic growth slowed but is on track to increase. What does Wall Street know that Powell doesn't know?

Seems to me that protecting the collateral is still more important than growth. I think the Fed has to talk up growth, but really in its heart of hearts does not want out of control economic growth: www.talkmarkets.com/.../economists-reveal-massive-market-forces-in-bonds-before-and-after-qe

Interesting article. The idea of a credit crisis in China could be overblown however, as the Chinese will not mark to market bad lending.

I don't think Wall Street thinks tariff wars, full blown tariff wars, can be won. Certainly, Wall Street gives Trump the benefit of the doubt, that he is negotiating. But this is really how business in the US feels about the potential tariff war, and certainly the steel tariffs are just killing American business slowly by 1000 cuts: https://www.uschamber.com/tariffs

The trend growth is likely below 3 percent. Most rational people do not hope Trump wins in 2020. He is doing great damage to our nation on many fronts, including economic policy. He is a dreadful human being on many fronts. The author does not share my views, which is fine. But it is a tough read.

Interesting read. Certainly, finding the reason stocks are behaving as they are would allow us to not be so comfortably (or perhaps uncomfortably) numb as we heard many years ago from Pink Floyd:

What seems to be the trouble

Are we feeling out of sorts

Do you think they're gone forever

Can you show me where it hurts

I think I know what's wrong

A lot people get this way

Take two of these four times a day

I'll drop in when I pass this way again

There is no pain, you are receding

A distant ship smoke on the horizon

You are only coming through in waves

Your lips move but I can't hear what you're saying

When I was a child I had a fever

My hands felt just like two balloons

Now I've got that feeling once again

I can't explain, you would not understand

This is not how I am

I have become comfortably numb.

genius.com/Pink-floyd-comfortably-numb-lyrics

Money is being directed to the wrong people. Labor is left out. The tax breaks may have allowed more discounts at the stores but that cannot be the long term solution.

But tech was down, a very bad sign.