The bad news is that oil is at $55. The good news is that the Fed isn't panicking.
Markets are assessing the dangerous interaction of a Kerry win and a Fed mistake.
Political markets, capital markets and labor markets are all recovering from extreme disequilibriums.
Bush missed the whisper number last night. Time to start whispering about October 8.
A mere data revision triggered a bond market rout -- and there are more revisions ahead.
At 4%, bonds are priced on fantasies that growth is slowing and that the Fed is fighting inflation.
How come markets haven't rallied as much as George Bush has?
At these yields, the bond market needs the FOMC to be a lot gloomier than it's likely to be.
Hardly. Politicized pessimism notwithstanding, animal spirits are very much alive and well.