Succinctly summarizing the positive and negative news, data, and market events of the week...
- Moar revenue! Senate passes online tax bill
- GDP? We've got that. BEA changes calculation to include 'promises' to fund pensions
- No time for macro tourists: S&P ignores plunge in Macro data, soars to new highs
- Twitteresque: BofA & JPM have zero (as in none) trading losses in Q1
- Paging Hans Mikkelsen: High Yield debt yields below 5%, or where the US 10yr was in 2007!
- Weekly initial claims drop to 324k, lowest since 2008
- Central Planning 1, South Korea 0 … South Korea cuts rates to stop hot money flows, despite inflation headwinds
- USDJPY breaches 100 -- yay!
- US 30yr Demand stronger than expected, pricing at a 2.98% yield
- Nope, no rotation: Hans Mikkelsen's credit short gets "Crushed"
- Buying SPY instead? Home renovation spending plummets
- March consumer credit misses, as revolving loans actually decline for the first time in 2013
- Trickle-Down, down, down… Q1 Annual wage growth declines .1% YoY
- Wednesday's 10yr US auction was rather weak
- And for our next bucket of cold water, the dow in Gold terms…
- Don't look now, but there may be a run on physical gold taking place
- Wholesale sales drop most since 2009
- JGB Volatility gets out of control again