The power of a newswire.
The stupidity of a market.
The nostalgia for stimulus:
That’ll be the FTSE 100 flying — and taking US stock futures with it — in response to this newswire piece, apparently:
WASHINGTON -(Dow Jones)- President Barack Obama on Wednesday will formally unveil a mix of business tax cuts and infrastructure programs to boost the economy that are already facing stiff headwinds from executives and Republican lawmakers…
The proposals are expected to cost more than $180 billion and are aimed at removing enough uncertainty to get businesses to unleash hoards of cash, according to senior administration officials.
This can’t be market-moving stuff, surely? Although, clearly, it does seem to be on Wednesday, for lack of other suspects.
Never mind that the White House has been trailing both the infrastructure and tax-break plans pretty much since the weekend, of course, and that it’ll never get passed by Congress in mid-term season anyway.
Stupid, stupid markets.