Little is known about O'Neill's views on key policy issues such as the dollar and the proposed tax cut,
While we have said all along that the foundation for the U.S. expansion is dodgy, as long as it is what it is, we expect to see the dollar and Treasury yields - and fed funds - move up.
We are near a point this month that could see the early arrival of the weak dollar trade.
The dollar is getting batted back and forth from U.S. data indicating that Fed will raise rates to data that indicates the opposite. I don't think there's enough data on the table for anyone to predict what the Fed will do.
The Medley report was instrumental in pushing up the dollar against the yen.