Good morning. Here’s your Early Warning for Wednesday, 6 June 2018 (74th Anniversary of D-Day). (All times Eastern.)
Advanced Early Warning: An attorney for fired FBI Deputy Director Andrew McCabe is seeking immunity for his client before he testifies before congressional committees. Michael Bromwich, an attorney representing McCabe, sent a letter to Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, on Tuesday requesting that McCabe be granted immunity in exchange for testimony surrounding the Justice Department inspector general’s upcoming report. If he can’t secure immunity for his client, Bromwich says McCabe will plead the Fifth Amendment.
ALSO: Speaking of the DoJ inspector general, Michael Horowitz, he’s being pressured by officials within the Justice Department and FBI to change or water down certain details in his report in a deliberate attempt to slow-roll or redact significant portions. The 400-page report, which was completed several weeks ago and addresses Clinton’s use of her private server for government business, is currently being reviewed by the DOJ and FBI. According to sources, individuals mentioned in the reports are also allowed to review the document.
After POTUS Trump receives his intelligence briefing at 11:30 a.m., he will participate in a 12:15 p.m. signing ceremony for S. 2372 – VA Mission Act of 2018 in the Rose Garden. At 2:00 p.m. he will visit the Federal Emergency Management Agency Headquarters and receive a 2018 Hurricane Briefing. At 3:30 p.m. Trump will meet with Republican senators in the Cabinet room, and at 8:00 p.m. he will host the White House IFTAR in the State Dining Room.
At 12:30 p.m., Acting Under Secretary and Spokesperson Nauert attends the Broadcasting Board of Governors’ (BBG) quarterly open meeting at the Wilbur J. Cohen Federal Building, in Washington, DC.
Then at 5:00 p.m. Secretary of State Mike Pompeo meets with Japanese Foreign Minister Taro Kono, at the Department of State.
Assistant Secretary for Consular Affairs Carl Risch is on travel to Russia, Kazakhstan, and the Kyrgyz Republic from June 3-9
SECDEF James N. Mattis and Chairman of the Joint Chiefs of Staff Gen. Joseph F. Dunford Jr. are traveling. Deputy Secretary of Defense Patrick M. Shanahan has no public or media events on his schedule.
Secretary of the Navy Richard V. Spencer and Chief of Naval Operations Adm. John M. Richardson announced today the following assignment: Capt. John D. Spencer, selected for promotion to rear admiral (lower half), will be assigned as director, Nuclear Support Directorate, Defense Threat Reduction Agency, Ft. Belvoir, Virginia. Spencer is currently serving as executive assistant, U.S. Strategic Command, Offutt Air Force Base, Nebraska.
Aircraft carrier movement/activities:
Harry S. Truman (CVN-75) is operating in the Adriatic Sea.
Ronald Reagan (CVN-76) is operating in the Western Pacific.
George H. W. Bush (CVN-77) and the Gerald R. Ford (CVN-78) are both operating off the coast of Virginia.
A conflict requiring a Carrier Strike Group does not appear imminent.
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(1) Tony Dwyer, the chief market strategist at Canaccord Genuity, believes the S & P 500 will be at a record high by the end of 2018, despite all of the supposed uncertainty over oil prices, geopolitics, tariffs, and the Trump administration’s ongoing efforts to renegotiate trade deals. Earnings should continue to leap this year, according to Dwyer’s calculations. He revised fiscal 2018 S&P 500 operating earnings forecasts to $160 a share from $155 a share in a note released Tuesday.
(2) Leave it to a billionaire businessman to manage the U.S. economy. POTUS Trump’s “trade war” with the world is having its desired (positive) effect: For the second month in a row (March-April) the U.S. trade deficit is falling and in a big way. According to the Census Bureau, the U.S. deficit shrank 2.1% from a revised $47.2 billion to $46.2 billion – the lowest since September 2017. It beat not only the $49 billion consensus estimate, but also also the lowest Wall Street estimate of $46.2 billion. According to the census bureau, the deficit decreased from a revised $47.2 billion in March to $46.2 billion in April, amid a perfect trade environment as exports rose and imports declined for the second month in a row.
Yesterday’s Significant Reporting:
“It’s just a fact we have a lot of experience in the Second World War taking out small islands that are isolated. That’s a core competency of the US military that we’ve done before. You shouldn’t read anything more into that than a simple statement of historical fact.” — Lt. Gen. Kenneth McKenzie, the director of the Joint Staff, responding to media questions about Chinese opposition to the U.S. Navy conducting FONOPS in the South China Sea.