There are a number of mitigating factors keeping a lid on the 10-Year Treasury Note yield: “monetary offset,” global yield differentials and the possibility that Trumpflation may disappoint in actuality. Thus far, the legislative accomplishments of President Trump and a unified Congress have been underwhelming. After demonizing Obamacare for the past seven years, Speaker Ryan and the Republican House of Representatives couldn’t even muster enough partisan votes to bring the hastily prepared American Health Care Act up for vote, blocked by hard-core conservatives on their own side of the aisle. Aside from ideology, there was apparently a procedural rationale for trying to enact AHCA before taking on tax reform. AHCA would have reduced the deficit for the current fiscal year

Macy’s shook the retail real estate world last August, announcing plans to close approximately 100 full-line stores in early 2017 as department store sales continued their secular drift on-line, away from apparel (electronics and experiences) and into other more nimble competitors (fast fashion). Macy’s revealed specific locations slated for closure this week following another disappointing holiday selling season and weakening outlook, with the fourth quarter result poised to be its ninth consecutive quarter of comparable sales decline. This unenviable track record follows a similarly consistent though positive prior years’ sales trend, with 2013 a particularly strong year which marked Macy’s fourth consecutive year of positive comparable sales growth…highlighting the difficulties larger retailers face adapting to a quickly shifting retail landscape,