When markets could either plummet or redefine the term "rally," the worst thing you can do is seek to be correct at the expense of being robust. So as much as you focus on coming up with a good forecast, make sure you also prepare for those times when your model is wildly off.
Charts are fascinating. And I don't just mean the 14 charts below. In one of the more interesting lectures I've ever heard, Bret Victor makes a number of really thought-provoking points that I hope you'll chew over as you skim these images.
Europe should keep options open and not automatically follow the Federal Reserve's lead in ceasing asset purchases, Bank of France Governor Francois Villeroy de Galhau says. The European Central Bank has indicated it will stop adding to a €2.6 trillion asset pile and has hinted of an interest-rate increase late next year. Reuters (14 Oct.)
The Securities and Exchange Commission is developing standards of conduct to guide financial professionals who advise clients. The standards have much in common with the Labor Department's fiduciary rule, which the 5th US Circuit Court of Appeals has vacated. Pensions & Investments (free access for SmartBrief readers) (15 Oct.)
Negotiators for the EU and the UK could not finalize the terms of a Brexit deal over the weekend, and diplomats said politicians from both sides will have to intervene in the talks, which have been largely technical until now. The biggest obstacle is finding a way to avoid creating a hard border between Ireland and Northern Ireland. Politico (15 Oct.)
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