08: 45 ET Update: [Stockboardasset] S&P futures -30bps
08:45 ET Update: [Stockboardasset] Nikkei -62ps
08:45 ET Update: [Stockboardasset]FTSE100 -89bps DAX -57bps
The Rollercoaster of this quarter is nearing an end on paper, but don’t think the ride is over yet. Yellen speaks at 11:30am ET today. Goldman Sachs Cuts 1QGDP Estimate to 1.7% from 2.1% citing revisions to the real consumer spending. Atlanta FED revises 1Q GDP -57% to .6%. Earnings recession is in full swing expecting a dismal 1Q, as equities continue a rich valuation. HY (HYG, JNK, CORP) decoupling from equities signaling stress is returning. 30 energy companies coupon’s are due next month, which should reopen the discussion of HY Defaults. The US is in a tightening cycle this comes at no surprise. US Default Rates have surpassed Lehman Levels. An interesting piece by Wells Fargo: 25% probability of US Recession in the next 6 months. The use of Non-GAAP has increased since 2014 as Warren Buffet, Factset, and even the SEC have spoke out against such practices.