Why this tremendous market reaction, where - when one strips away the rhetoric - all we have seen is one month's drop in energy prices, which will only rise now that the market is starting to anticipate a Fed pivot.

Water levels on the Rhine River are nearing dangerously low levels, and new forecasts expect Europe's most critical waterway for inland commodity shipments via barges could be impassable by the end of the week. 

The river at Kaub, Germany, is 47 centimeters (18.5 inches) on Wednesday and is expected to drop to the critical depth of 40 centimeters (15.7 inches) by Friday, according to the German Federal Waterways and Shipping Administration. There is even the possibility water levels could fall as low as 37 centimeters (14.5 inches) during the weekend. 

Below 40 centimeters would mean barges at the key transit point in Germany would no longer be able to pass and restrict shipments of energy products and other commodities along Europe's most crucial waterway amid the worst energy shortage in decades. 

Authored by Jonathan Turley via jonathanturley.org,

The FBI raid on Mar-a-Lago has unleashed a familiar euphoria among critics who have longed for–agents descending upon the President’s residence in a criminal operation. One MSNBC pundit declared that day of the “orange jumpsuit” may finally be at hand while another simply exclaimed “hallelujah.” It was a tad premature since we do not even know if classified material was found and, if so, whether there is a criminal case to be made from such a discovery.

A colder than expected CPI print - driven by slowing energy price gains offsetting continued gains in shelter costs - prompted an immediate knee jerk reaction sending rate-hike odds tumbling.

September went from pricing in an 80% chance of a 75bps hike to around 30% chance instantly...

A day after the FBI raided the former president’s house, Clinton was selling shirts and hats with the phrase “But Her Emails” written on them.

Clinton used a private email server to conduct official state business with more than 2000 of them classified by the State Department. She later deleted about 33,000 emails before government officials could investigate them.

A State Department internal inquiry into the Clinton emails found no “deliberate mishandling,” although it did find violations by 38 department officials.

Some of the estimated 15 boxes of documents the FBI seized from Trump were classified too, the National Archives said.

In this context, Clinton raised funds by selling clothing that referenced the email scandal.

While analysts expected another rise on a MoM basis, the headline US Consumer Price Inflation was expected to slow from +9.1% YoY to +8.7% YoY in July, but it actually slowed significantly more than expected to +8.5% Yoy (flat MoM). This is the end of a 16 month streak of MoM gains...