Weekly Market Commentary 06/09/2017

Thursday’s congressional testimony by former FBI director Comey may have gotten huge ratings from viewers but it elicited a ho-hum response in the markets, as stock and bond prices changed little during the day. It is possible investors have become inured to the litany of disruptive episodes that have rocked Washington since the elections. It is also possible that they simply do not think the outcome or the ramifications of Comey’s testimony – which will take months to unfold – will have any bearing on government policy or the economy. A third explanation could be that market participants are just utterly confused, with the Cassandra and the Pollyanna groups battling to a standstill.