The Economy: The global economy appears to be on the mend. While we’re optimistic, we’re cautious because there’s been so much financial engineering and Central Bank intervention since the financial crisis. Every developed economy has engaged in currency manipulation and all government statistics are suspect. Nevertheless, this is the playing field. The Fed minutes were released this week; a non-event. The usual, “perhaps, maybe, somehow, if only, somewhere” had the Talking Heads all aflutter. The rest of the planet yawned and went about its business. After a decade of having the headlines to themselves, Central Bankers have taken a back seat to politics. … and what a show it is. Brexit is proceeding; France is Frexit; Italy is rudderless; Greece is broke; Russia is conniving; China is posturing, North Korea is flexing. Through it all, Trump is pumping, humping and dumping.
Food for Thought: Global financial markets are enthralled with all this uncertainty and excitement. In an alternate universe there might be concern. Not now, not nowhere. This time is different!
Music of the Week: Kim Waters “Midnight Love”