Odds on avoiding a government shutdown improve as White House backs away on demand to fund The Wall.

Odds on avoiding a government shutdown improve as White House backs away on demand to fund The Wall.

Last night President Donald Trump backed off his demand that any deal to fund the federal government include money to start construction on The Wall. At an event with conservative journalists, Trump said he’s okay waiting until September to have this fight. Which would seem to indicate that the President would sign a funding bill that doesn’t include money for The Wall.

We’ve moved to a risk-off market–for how long?

We’ve moved to a risk-off market–for how long?

It’s a classic risk off market today as of 4 p.m. New York time. All the safe havens are up. The yen is ahead 1.2% to 109.65 to the dollar, breaching the 110 level for the first time since November. Gold is 1.73% higher to $1275.60 an ounce. The 10-year U.S. Treasury is up and the yield is down to 2.30%. And riskier asset classes are down. Modestly.