We need Walter Lord to write this one. It was simply the most unexpected, remarkable political victory in the history of the nation. At least it was reported as such. But I must tell you, here in the Fly-Over Zone there was no real surprise, rather there was a quiet feeling of satisfaction. On it's path the the Eternal City the Beast slouched its way through the Heartland and in record numbers, the people rose up and followed. What was remarkable was that the Best and the (self-proclaimed) Brightest never saw what was laid out before them and like their cousins Over There, listened only to themselves. A shocking indictment.
Sometime after midnight I checked on the markets. DOW futures were down in the neighborhood of 800 points and I thought that today would be the blood bath of all blood baths. It was but not in equities. The Dow closed up 252 revealing two things: the panic was probably in the Asian market and Over Here, people were not quite so confident of the outcome as they let on. The PC babble was loud and clear--the positioning was flat to slightly long. It stayed there and the markets caught up.
But the truly astounding this was the ten year. From 1.72% yesterday to 2.064% today. A move the likes of which I have never seen. Somebody got killed; who, we should find out at a later date. Of course this also takes the Fed off the front pages. They are now playing catch-up to the markets so the chances of a move in December are now 100%. Will it be 25 b.p.? One could argue for 50, but I think there will be gradual steps. After all, Hilliary doesn't need help any more either.
Another thing that should be retained: The Beast is still slouching. Frankie Holland is next in his sights early next year with Madame LePen no doubt growing more confident by the minute. And then points South and West. This is almost a bigger story than will be Trump's first 100 days. A lot changed last night and a lot more will change. Whether it will..or can...be embraced is another story.
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