Morning 4-27

BOJ last night left all rates and QE unchanged as expected. The press conference did not give any hint of an Early Exit to QE .In fact Kuroda said “BOJ needs to achieve its inflation target before discussing policy exit. BOJ said inflation target may be reached by early 2019.Yen a touch weaker by about 8 ticks.
ECB left policy unchanged as expected. Draghi press conference at 7:30.A dovish Draghi would be a bigger surprise then a hawkish Draghi. German CPI a touch higher than expected. EZ consumer confidence a multiyear high. European Stocks Steady to lower and Bunds up a few ticks.2 year Schatz down a few ticks on session lows as the hawkish Draghi is expected.
White house hinted at leaving NAFTA but cooler heads prevailed overnight, as trump said we are not leaving. Mexico and Canada are open for negotiations on current deal. Trump tax plan Unveiled yesterday was very light on Details and Thus markets and most experts believe it will be very hard to pass in Current appears that White house will Continue to make Obamacare payments to States. House republicans introduced a 7 day Stop gap bill so both parties can continue to negotiate the budget seems Government will not shutdown on Friday. This has been the baseline outcome. Both Pelosi and Ryan will speak today.
Oil down 2% as RBOB continues to trade lower. Too much oil in the USA and increase in Libyan production the reason
Durable Goods, Earnings and politics will be drivers of action today.Amzn ,Goog and MSFT after the close.

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