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The Weekly Track goodbye-2017

- The Weekly Track – Goodbye 2017 by Bob Savage
http://trackresearch.com/articles/the-weekly-track-goodbye-2017/

There are two types of good byes – those that are really good riddance and those that have real regret. Some good byes are forever and others momentary. The difference is material. For human relations, the calendar is a convenience more than a reality, but as we measure markets against such, 2017 will be seen as something lost rather than happily forgotten. The fact that all asset classes gained in 2017 stands out. It puts risk parity plans far ahead and it puts risk takers far behind. 2017 was a year of hell for macro traders. The big economic drivers of rate divergence, political noise and geopolitical strife failed to crack the global coordinated growth inspired by low inflation and lower real rates from central bankers. 2017 is the year that central bankers won even as doubt grow about sustainability, bubbles brewing and the over stretch for yields almost anywhere. For the first week of 2018, those doubts won’t go away, but the many chasing the fear mongers
will be less – as we continue to see passive money flows dominate and machine learning speed up any arbitrage trading left.