The ECB's Balance Sheet Is Now The Size Of Japan's GDP

The ECB's balance sheet now stands at €4.23 trillion, making it the largest central bank holding in the World. As Deutsche Bank notes, this is the same as the GDP of Japan (€4.3 trillion) - the 3rd biggest economy in the world and a decent distance ahead of Germany (€3.02tn) - the fourth largest.

Maxine Waters' Contributions Collapse As Her "Resist 45" Efforts Fail To Inspire

Maxine Waters, the Democratic Representative from the progressive paradise of California, has been an active participant in the "Resist 45" movement.  Of course, it's somewhat likely that all of her grandstanding has been nothing more than a political stunt designed to raise extra cash for the Democratic Party.  But, the only problem with the plan is that it doesn't seem to be working at all.

"Willful Blindness"

"...analysts are once again hoping for a “hockey stick” recovery in earnings in the months ahead... few, if any, Wall Street analysts expecting a recession at any point the future...because optimistic analysis supports our underlying psychological “greed”, all real scrutiny to the contrary tends to be dismissed. Unfortunately, it is this “willful blindness” that eventually leads to a dislocation in the markets."

What The Senate's Healthcare Fiasco Means For Trump Policies: Goldman Explains

Looking at last night's Senate fiasco, Goldman writes that while Congress may still pass a health bill, "it just won't be this one" and notes that the "enactment of much more narrowly-focused health legislation is still possible this year, in light of problems facing the individual insurance market for 2018." And in terms of near-term catalysts, all eyes now turn to the debt ceiling debate due in September...

BofA Is Very Worried About Two "Dangerous" Games Of Chicken About To Unfold

 "If the market is underpricing the uncertainty with respect to the outlook of US monetary policy, we are even more concerned that it seems totally impervious to the risk of two potentially disruptive, if not dangerous, Games of Chicken likely to unfold in the summer and the beginning of the fall."

Treasury Yields Tumble To Lowest Since June As Stocks Sink

Treasury yields are tumbling once again (10Y at 2.25%, the lowest since June 29th) - as more weak US macro data is compounding Yellen's dovish tilt from last week. As bond yields began to tumble, so stocks rolled over and VIX jerked above 10...

Is Trump Repeating Hillary's Mistakes? The WSJ Thinks So

"Mr. Trump and his family seem oblivious to the brutal realities of Washington politics. Those realities will destroy Mr. Trump, his family and their business reputation unless they change their strategy toward the Russia probe. They don’t have much more time to do it."