You may want to call it fake. You may be inclined to say there were no real surprises from the G-20. You may want to sell the news.
Be my guest.
I am not saying the president did nothing but give in. Remember, it was the president driving the tariffs all along.
What I am saying is that there were huge surprises here.
Second, he did play the election hand by giving the farmers what they wanted in return for Huawei and no new tariffs.
Third, he stopped the next round even as many companies had factored them in.
All within the context of oil going higher. Remember: the oil trader response is hard-wired - even if it is derived by cutbacks, oil prices going higher means stronger worldwide recovery.
The tendency of the bears is to say now we won't get a rate cut.
I come back and say we are reverting to a Janet Yellen economic-dependent Fed with a chief who seems to be more attuned to his surroundings then he was when he made his rookie increase in December when the data was headed to almost universal slowdown mode.
Is this the best of all possible worlds? No.
Is it better than expected?