Getting bad economy data and Trump. Yesterday the Treasury capital flow data (for March) showed an inflow in long-term capital by $59.8 billion after $53.1 billion in Feb and com-pared to the 2016 monthly average of $20 billion. China bought $27.9 billion, the most in a year, and Japan, $3.4 billion. Analysts fret and fume about capital flows potentially damaging the dollar, but in practice, the TICS report gets very little attention. There might be some complacency going on, suggest-ing that if the big buyer, China, absented itself one day, it would be a Shock.
