The World Reacts To The US GDP Miss (Or Spot The Odd Market Out)
The worst miss for US GDP since September 2011 was greeted by financial markets around the world in a variety of ways. Gold surged; the USD weakened (with JPY surging in an anti-Abe way); and Treasury yields plunged (amid increasing growth concerns. But the one market that anyone in power cares about, the US equity market, did nothing, absolutely nothing. We have two words for what the monetary policy heroine has done to our once useful 'markets', comfortably numb. It seems the bad-is-good, moar-QE trade is on in every asset class except stocks (for now).