All quiet on the western front...

Well, your favorite macro correspondent is back from his break. It's going to take a few days to get back into the swing of things but I may not have that much time...

Meanwhile, a quick look at USD should be a good complement to your morning coffee - the vol has been essentially sideways for the past couple of months and the carry unwind risk is back to the middle of Greenspan-era liquidity. Yup nothing to see here folks, move it along. 

(quick note: the big moves in the unwind risk index have been in the IMM and swap spread z-scores - take that as you will)

Thanks to BarCap for the research

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