– Big caps are challenging records set during the 90s bubble. US Equities will likely close the year at least 30% higher for 2019 – the best annual return since 1997.
– Best return for Large Growth since 1998 and 2nd +30% return this decade. The 90s saw 3yrs with rtns above 30%, while the 80s and 00s each saw only one.
– The trade deficit in U.S. goods declined to the lowest short fall in three years as exports increased and imports declined.
– Fed has added nearly $500 billion in cash to repo markets over the last 3 months, reversing around half of the balance sheet drawdown that took over 3 years.

– Stocks and risk assets climbed, while US Treasuries declined. REITs had the best week, snapping back after the previous week’s sell off.
– Tech sector is flirting with a 50% ytd advance, the best return since 2009. Outside of a rebound from a bear market, it’s the best return for the sector since 1999.
– Emerging markets rallied 2% last week. China announced it will cut tariffs for 850 imports starting Jan 1st.
– Bloomberg reports that Wall Street is questioning whether the Fed is “quietly masking extent of efforts to calm repo markets.”