IMF Warns Brexit "Uncertainty" Means "Even Lower Growth" For UK, EU

“Brexit has created significant uncertainty and we believe this is likely to dampen growth in the near term, particularly in the U.K. but with repercussions also for Europe and the global economy. Prolonged periods of uncertainty and associated declines in consumer and business confidence would mean even lower growth”

Who's Next To Exit? France... Or Maryland?

"If we had our druthers, we would exit from almost everything. The U.S. would LEAVE the Mideast, NATO, the UN... and all the “foreign entanglements” General Washington warned us about. At home, we would exit the War on Poverty and the War on Drugs. Then, Maryland would withdraw gracefully from the United States." But wait. There, standing at the prison gate, a Taser in one hand and a billy club in the other… is Hillary Rodham Clinton. “Stronger together” is her new campaign slogan. “And more easily controlled,” she might add.

Bill Clinton Holds 'Private' Meeting With Loretta Lynch As FBI Probes Hillary

"Our conversation was about his grandchildren. It was primarily social and about our travels. He mentioned the golf he played in Phoenix, and he mentioned travels he'd had in West Virginia. There was no discussion of any matter pending for the department or any matter pending for any other body. There was no discussion of Benghazi, no discussion of the State Department emails, by way of example..."

General Collateral Rate Surges To Post Fed-Hike Highs On Quarter End Window Dressing

The overnight general collateral rate has jumped to 0.75% this morning. The GC rate has spiked at the end of every quarter for over a year, as money funds face increased regulations and need to streamline their balance sheets at quarter end, in other word "window dress" balance sheets and make them appear better than they are for regulatory purposes.

What Happens Next?

While we are sure stocks know better, it appears the considerably more massive and professionals-driven FX and bond markets seem far less enthused over the Brexit Bounce...

Chiacgo PMI Spikes To 18-Month High - 7 Standard-Deviation Beat - As Employment Crashes?!

Seriously!! Chicago PMI spiked to 56.8 in June (from 49.3) - higher than the highest estimate and seven standard deviations above expectations. This is the highest since Jan 2015. Simply put, the number is beyond any credibility, as despite higher orders and output, demand for labor fell as employment contracted at the fastest pace since November 2009.

Soros: Brexit Has "Unleashed" A Financial Crisis Similar to 2008

Britain’s decision to leave the European Union has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels. "This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to reinforce the deflationary trends that were already prevalent" Soros said.

In Shocking Move, Boris Johnson Says He Won't Run For UK Prime Minister, Tory Leader

In the latest stunning development out of UK politics, moments ago during a press conference in which Boris Johnson -the man who led the Leave campaign - was widely expected to announce he would run for UK premier and Conservative party leader, the former London mayor, who was considered a frontrunner for the post, announced he would not stand for premier or Tory leader.

Confidence Crushed Despite Collapsing Jobless Claims

The trend of jobless claims continues lower (despite a modest 10k rise this week to 268k from a revised lower 258k last week). The problem is... as we have shown numerous times, this 'measure' of the labor market appears to have seasinally adjusted itself into being totally-useless as an indicator of anything factual. With Consumer Confidence for over-55s at its lowest in 2 years, it seems the job exuberance is just not rubbing off...