On the Margin: In the Beginning was the Word "Framework"

China trade hawk Ross has warned markets that "at best" the Trump-Ji talks will yield a "framework," and that in the meantime any talks are only "preparatory." We think "framework" is a preferred administration codeword for a workable solution still subject to details, and we take Ross's warning as a signal that it is coming, and that preparations are being made for it. Navarro's unhinged speech accusing Wall Street of complicity in a China-led influence campaign -- and Kudlow's public spanking of him for it -- are further evidence that a deal is coming. Either the administration hawks aren't happy about it, or they are just playing their proper role as "bad cop" to keep the pressure on China.