Global Macro Monitor

In this year of elections, voters in countries representing 41% of the world’s population will go to the polls — and in a terrifying number of cases, candidates who would have been seen as extremist wild cards in 2016 look the strongest. Geert Wilders set the tone by winning the largest number of seats in the Dutch elections in November, giving him first dibs at forming a government. Le Pen is currently the likeliest to succeed Macron in 2027, with nervousness about her party’s extremism abating. Writing in Foreign Policy, John Kampfner predicts that right-wing populism “is set to sweep the West in 2024,” with likely advances in the European Parliament, Austria, Portugal and Germany, where the hard-right Alternative for Germany party is expected to do well. – Bloomberg 

QOTD =  Quote of the Day

Context
The transitory versus permanent inflation debate has suffered from vague definitions. With price growth in the US and Europe now tumbling, those on “team transitory” are somewhat smug.

…of course, anything can be “transitory” on an unspecified timeframe. – FT

Happy Holidays, folks.   December 26th beckons, which happens to be the second most profitable trading day of the year for the S&P over the past 70 years, on average.  We have always been skeptical of averages, however, but Mr. Market doesn’t seem to be.   

It does feel Mr. M wants to make a new high in the S&P before year-end at 4818.62, set in January 2022, which is about 1.3 percent from current levels.  A chipshot.  Here’s to hoping he doesn’t shank the Santa Claus rally.    

We leave you with the best Christmas commercial ever.  Check it out. 

Have a great Christmas, and remember, it’s not about the toys but it’s the relationships.