david cameron tweet

Monetary Easing Ain’t Just For Europe And Japan

“Like clockwork, every time we have seen a weak data point in the U.S. (which has been often in 2015), another central bank comes out with a rate cut and markets rejoice…There have now been at least 25 Central Bank easing announcements in 2015.  This amounts to roughly one announcement every other trading day this year…The U.S. is passing the baton, we are told, and this endless global easing is a rising tide that lifts all economies.”  Meanwhile, John Williams doesn’t think he’ll be taking August off.  Also, Stanley Fischer says “a smooth path upward in the federal funds rate will almost certainly not be realized.”  Merrill Lynch doesn’t think you believe any of this stuff.


Crouching Tiger

Markit’s “composite purchasing managers index — a measure of activity in the manufacturing and services sectors — rose to 46-month high of 54.1 in March (alt) from 53.3 in February…The surveys indicated the pickup in activity is likely to be sustained, with new orders rising at the fastest pace in almost four years…Germany led the eurozone’s modest pickup in the final three months of 2014…the French economy slowed.  The eurozone economy grew at a quarter-on-quarter rate of 0.3% in [Q4], up from 0.2% in [Q3].”  Meanwhile, you can hear David Cameron mumbling “We got em right where we want em…”  Meanwhile, China is all about the democratic process (alt): “China has offered to forgo veto power at a new Beijing-led development bank…the offer proved critical in getting the U.K., France, Germany and Italy to join Beijing’s Asian Infrastructure Investment Bank…Beijing is making a sharp departure from the long-standing practice at U.S.-backed international lenders such as [the IMF, where] the U.S. has a lock on some big decisions…the Obama administration has been unable to get Congress to pass additional funding for the IMF [which gives] China an opening to recruit members to its new bank…The new bank is on track to reach its target of $100 billion in registered capital, up from the $50 billion initially announced.”  Meanwhile, China is absolutely insane: terrifying-cement-cubes-in-Chicago edition.


WM: Reminder: Old Age Doesn’t Kill Bull Markets

Also, “A long expansion is a persuasive argument for buying stocks even though forward P/Es are historically high.”


USA: Unicorn Farmers Would Like To Sell Overfed Unicorns To The Butcher; Unicorns Less Excited

Meanwhile, Twitter is looking to recapture some of its glory days.


WM: Embrace Ambivalence, But Don’t Go Extinct

Meanwhile, the world’s fifth-largest food supplier is almost out of water.


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