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A Quick Lightning Round This Morning

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Insights and Market Perspectives

A Quick Lightning Round This Morning

Author: Greg Valliere

April 27, 2021

LOTS OF INTERESTING STORIES this morning, so let’s synthesize them:

YESTERDAY’S CENSUS REPORT: No blockbusters, but the GOP is set to gain House seats in the Sun Belt next year as the Democrats lose seats in the Rust Belt. Bottom line: Republicans still are slight favorites to take the House in 2022.

FLORIDA GAINED ONE SEAT, but the state’s remarkable growth may hit a roadblock: soaring home insurance rates, up by 50% in many areas, as companies raise their rates in the wake of huge hurricane damage claims in recent years.

THE FEDERAL RESERVE’S FOMC begins a two-day meeting this morning, undoubtedly culminating with a statement that the economy continues to improve. There’s no chance, however, of an imminent Fed tapering of its asset purchases.

DRUG INDUSTRY DODGES A BULLET: The White House apparently will not include prescription drug controls in its upcoming American Families Plan. Why? Congressional Democrats couldn’t agree on how to spend the windfall, and a ferocious lobbying effort against drug price curbs seemed likely.

EARMARKS ARE BACK: The practice of adding pork to spending bills has been revived; both parties now agree on ending a ban on the practice. Republicans are talking about fiscal restraint and a showdown this summer over raising the debt ceiling, but make no mistake: the trend on spending continues to be sharply upward.

GAVIN NEWSOM, once considered a likely presidential candidate, almost certainly faces a recall, after California’s Secretary of State ruled yesterday that enough voters have signed petitions. With a positive job rating and tons of money, will Newsom survive? Probably (but not certainly).

JOHN KERRY IN HOT WATER: Did the former Secretary of State alert Iran about Israeli military operations? Iran’s foreign minister reportedly made the claim, and now there’s a firestorm, as Republicans call for Kerry’s resignation. He’s now a part of the Biden administration and has a seat on the National Security Council as the special presidential envoy for climate.

THE GREAT MEAT CONTROVERSY: Eager to embrace conspiracy theories, the Twittersphere has proclaimed that Joe Biden will ban meat consumption — and this, incredibly, has become a major issue. Trump supporters have demanded: “Get out of our kitchens!”

LARRY KUDLOW CHIMED IN: “You got that? No burgers on July Fourth. No steaks on the barbie. I’m sure middle America is just going to love that. Can you grill those Brussels sprouts?” The story isn’t true, of course, but as mask-wearing is relaxed, meat may become a new metaphor for the deep divisions in the country.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

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Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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