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Thursday in Five Points

May 29, 2014
The Great Bond Conundrum is unlikely to be resolved today, but the global capital markets appear to be taking a pause today, helped in part by the Ascension Day holiday that has thinned activity in Europe. The attempt to extend the euro and sterling's recent losses was not very satisfying, and a short covering bounce lifted the tone in late mo…
Thursday in Five Points Thursday in Five Points Reviewed by Marc Chandler on May 29, 2014 Rating: 5
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ECB Framework: BEEEP

May 28, 2014
Next week's ECB meeting could very well prove to be among the most important events of the year.  It has taken ECB President Draghi's leadership and increased risk of lowflation if not deflation to forge an apparent consensus at the central bank that more action is needed.

While the "when" has been largely agreed upon (June 5 ECB …
ECB Framework: BEEEP ECB Framework: BEEEP Reviewed by Marc Chandler on May 28, 2014 Rating: 5
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Great Graphic: US Household Consumption

May 28, 2014
These Great Graphics were posted on The Atlantic by Derek Thompson.   According to BLS data, the average American household increased its spending by $800 last year (to $51, 400).  The first chart shows how that money was spent.  Almost 2/3 (62%) was on transportation.  The blue bars, in order, are misc transportation, used vehicles and new vehicl…
Great Graphic: US Household Consumption Great Graphic: US Household Consumption Reviewed by Marc Chandler on May 28, 2014 Rating: 5
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Dollar Mostly Bid, Sterling and Kiwi Offered

May 28, 2014
The US dollar remains firm against most of the major and active emerging market currencies. The euro and yen have thus far remained confined to yesterday's ranges while sterling saw yesterday's losses extended, following yesterday's reversal. US 10-year Treasury yields have pushed back below 2.5%, which seems to cap the dollar near JPY…
Dollar Mostly Bid, Sterling and Kiwi Offered Dollar Mostly Bid, Sterling and Kiwi Offered Reviewed by Marc Chandler on May 28, 2014 Rating: 5
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Friends not Enemies Pose the More Difficult Challenge

May 27, 2014
What ultimately led US President Nixon to close the gold window was not its Cold War rival Russia. Rather it was US European allies who wanted to exchange their dollars for gold beyond levels that the US was prepared to accept. This has been a consistent theme through today.
As the German foreign minister put it, European officials got too excited…
Friends not Enemies Pose the More Difficult Challenge Friends not Enemies Pose the More Difficult Challenge Reviewed by Marc Chandler on May 27, 2014 Rating: 5
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