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Futures Storm Into The Green, 20 Points Off The Lows; NY Fed's Chicago Office Kept Busy All Night

Tyler Durden's picture




 

With futures slamming the lows at their open yesterday evening, touching levels not seen since May, and with the EuroStoxx 50 officialy entering correction just hours ago, down 10% from the June highs, many were wondering if the NY Fed's Chicago Trading Desk, aka Overnight Ramp Capital LLC, would be put in damage control duty and send futures right back to unchanged (because with new Ebola patient alerts springing up everywhere from Boston to Los Angeles, the pandemic is clearly contained). The answer, with a whopping 20 point levitation on no volume, and futures which are pointing now well into the green (not to mention the Eurostoxx rebounding off the lows and now green too), is a resounding yes (thank the  AUDJPY, which is over 100 pips off the overnight lows and back over 94).

Curiously this happened even after China reported another set of imaginary, goalseeked trade numbers, where the trade deficit missed expectations but both exports (+15.3% vs. Exp. +12.0%) and imports (+7.0% vs. Exp. -2.0%) surged beyond expectations, which says nothing about China's actual trade (recall the trade data is not only goalseeked a la carte but distorted thanks to Commodity Funding Deals), but everything about China's nonexistant intentions to inject further stimulus into the market/economy.

That said, with liquidity and overnight volumes non-existent, it wasn't difficult to manipulate ES higher and since Japanese markets are closed today for a holiday, while Columbus day will keep the US bond market offline, this levitation may well continue. On the other hand, sending crude (Brent was just under $89 at last check as Saudi Arabia keeps doing America's bidding in getting the Kremlin to finally kneel) higher, while pushing bond prices lower (a yield of 2.28% again is basically screaming global recession) may be far more difficult for those Federal employees concerned only with the optics of day to day stock market moves and generating confidence in the economy courtesy of a rigged and manipulated market.

The Shanghai Composite is around 0.4% lower overnight but off its intraday lows. Indeed it has been a fairly weak session for Asian equities. Bourses are in the red across the board (Hang Seng -0.6%, HSCEI -1.0%, KOSPI -0.8%, ASX 200 -0.8%) following the negative US lead on Friday. Treasuries continue to catch a bid on the back of the risk-off tone with the 10yr closing around 3bps lower at 2.28% (at a YTD low and lowest since June 2013) on Friday (closed for Asian session overnight). In FX, the Dollar is weaker overnight (DXY -0.5%) which did little to support Oil prices. The correction in Oil continues with Brent down 1.3% overnight at US$88.9/bbl (near a four year low).  Asian stocks fall with the Hang Seng outperforming and the Kospi underperforming. The Nikkei 225 is closed for holiday in Japan. MSCI Asia Pacific down 0.1% to 136.4. Hang Seng up 0.2%, Kospi down 0.7%, Shanghai Composite down 0.4%, ASX down 0.6%, Sensex little changed. 4 out of 10 sectors rise with utilities, telcos outperforming and tech, energy underperforming

European equities have taken the opportunity to cover short-positions as the recent corrective sell-off somewhat abated in the first few hours of trade. Materials and industrials lead the way higher, as a brief spell of USD-weakness and poor performance from Asia-Pacific equities lifted spot gold to trade at 4-week highs of USD 1,237.80/oz. 3 out of 19 Stoxx 600 sectors rise; basic resources, autos outperform, food & beverage, financial services underperform. Eurostoxx 50 -0.2%, FTSE 100 -0.3%, CAC 40 -0.3%, DAX -0.2%, IBEX -0.3%, FTSEMIB little changed, SMI -0.8%, although this was as of the last time we hit F5, and since then Ramp Capital has been very busy.

Looking ahead, US traders will be eyeing any recovery in equities after the 200DMA in the S&P 500 (1905) held on Friday, with the data calendar looking very quiet. The backdrop of earnings season looms, with BofA, Citigroup, JPMorgan and Goldman Sachs all due over the next five days. Tomorrow will see the release of Germany’s ZEW survey alongside CPI prints from the UK, France and Spain. Wednesday’s data highlights will include the US retail sales for September, the Fed’s Beige Book, CPI readings from China and Germany, US PPI, and the NY Fed Empire State survey. Draghi will speak twice on Wednesday which could also be a source for headlines. On Thursday, we will get Industrial Production stats and the Philly Fed Survey from the US on top of the usual weekly jobless claims. European CPI will also be released on Wednesday. We have the first reading of October’s UofM Consumer Sentiment on Friday along with US building permits/housing starts. Yellen’s speech at the Boston Fed Conference on Friday (entitled “Inequality of Economic Opportunity”) will also be closely followed.

Away from the macro events this week, it will also be a busy week for company earnings. We have over 50 S&P 500 companies lined up for quarterly results (nearly a fifth of the index’s market cap). JPMorgan and Citigroup will kick things off for US banks tomorrow followed by BofA on Wednesday, Goldman Sachs on Thursday, and Morgan Stanley on Friday. Away from Financials, we have the likes of Intel, Johnson & Johnson, Google, and GE also reporting this week.

Market Wrap

  • S&P 500 futures up 0.1%1 to 1891.4
  • Stoxx 600 unchanged 320.3
  • US 10Yr yield down little changed at 2.28%
  • German 10Yr yield little changed at 0.89%
  • MSCI Asia Pacific down 0.1% to 136.4
  • Gold spot up 0.6% to $1230.6/oz

Bulletin Headline Summary from Bloomberg and RanSquawk

  • Oil markets slump further after Saudi Arabia reportedly signalled that the country is comfortable with low oil prices for an extended period – a move reportedly targeting countries that look to expand oil production (including US shale plays)
  • US equity futures indicate a slightly higher open, however sentiment remains very fragile after the S&P 500 suffered the worst two-day performance last week since the taper-tantrum in 2013
  • US Columbus Day keeps bond pit trading closed, however all other markets open as usual. Traders eye upcoming earnings from JP Morgan, Bank of America, Citigroup and Goldman Sachs this week

FIXED INCOME

Bund futures failed to break above contract highs of 150.78 shortly following the open, leading to short-term profit-taking and allowing the 10yr yield in Germany to test 0.89% to the upside. Portuguese debt underperforms Germany, with the PO/GE 10yr spread wider by 5.5bps after Fitch affirmed the Portuguese rating at BB+ on Friday - against expectations of a rating upgrade. UK fixed income outperforms, with the UK curve markedly flatter as the Euribor strip is stymied by reports of division amongst the ECB board, after ECB President Draghi’s relationship with Jens Weidmann becomes ‘near impossible’ – lessening the likelihood of an unified agreement to tackle deflation via QE.

EQUITIES

Amid holiday thinned markets (Japanese markets closed, US bond pit to remain shut for Columbus Day), European equities have taken the opportunity to cover short-positions as the recent corrective sell-off somewhat abated in the first few hours of trade. Materials and industrials lead the way higher, as a brief spell of USD-weakness and poor performance from Asia-Pacific equities lifted spot gold to trade at 4-week highs of USD 1,237.80/oz.

Looking ahead, US traders will be eyeing any recovery in equities after the 200DMA in the S&P 500 (1905) held on Friday, with the data calendar looking very quiet. The backdrop of earnings season looms, with BofA, Citigroup, JPMorgan and Goldman Sachs all due over the next five days.

FX

The USD was initially dented in Asia-Pacific trade, as strong buying of the JPY amid holiday-thinned markets weakened the greenback, however the USD has regained some clamour as real-money selling brings EUR/USD off its highs, twinned with European banks taking profit on USD/JPY shorts. AUD trades stronger across the board, as the recent poor performance is partially reversed after China’s trade balance showed both exports (+15.3% vs. Exp. +12.0%) and imports (+7.0% vs. Exp. -2.0%) surged beyond expectations.

COMMODITIES

WTI crude futures tumbled in a continuation of recent weakness as Saudi Arabia have reportedly signalled to market participants that they are comfortable with an extended period of low oil prices – a tactic that some see as a message to other producers looking to increase their output (including US shale plays). (RTRS) Furthermore, Iraq trimmed its price differentials for Basrah Light supplies to Asia and Europe for November, helping accelerate the downside. (RTRS)

The Venezuelan foreign minister has called for an urgent OPEC meeting to deal with falling oil prices. (WSJ) However, Kuwait's oil minister said OPEC is unlikely to cut oil production in an effort to prop up prices because such a move would not necessarily be effective.

***

DB's Jim Reid concludes the overnight event summary

The IMF meeting in Washington dominated the weekend headlines which according to the DB staff in attendance was a bit of a worryfest. Worries over global growth, especially in Europe, dis-inflation and secular stagnation came out in style. However timing is everything in financial markets and had this mass gathering been held 2-3 weeks ago it probably would have been dominated by how US growth was going to de-couple from the rest of the world and ultimately drag everyone else up by the bootlaces. As it was the event we hosted with Larry Summers was the big draw as the secular stagnation theme resonated. A reminder that we did an in depth piece on this topic in our long-term study last month for those who want to read more. We still believe secular stagnation is a real issue across large parts of the globe because of demographics, poor resource allocation, a large debt overhang and inequality (to name a few key themes). Such economies arguably need asset bubbles to sustain semi-acceptable growth. This is perhaps why the Fed withdrawing QE and talking about policy normalising seems to be having such an impact on markets. However betting against central bankers hasn't ultimately been successful in recent years and at some point soon we may start to appreciate that the Fed aren't likely to raise rates in a weak capital market or economic environment. As for the ECB, the next (and major) response will likely be slow to materialise but it probably will happen. Full QE in 2015 is still the most likely scenario and while it may not have much impact on the economy, the money is likely to find its way into asset markets. So while we would be reasonably bearish on the macro fundamentals still, we suspect the liquidity theme will come back well before year-end. However as we've recently discussed, volatility is certainly back to stay in a world without Fed QE.

In response to all these growth fears, the central bankers in Washington generally responded in dovish terms over the weekend. The one that stood out was perhaps comments from Fed’s Vice Chairman Stanley Fischer who said that “if foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise". He also hinted that the market is roughly on the mark regarding the timing of US rate hikes but it is perhaps a reminder that the global outlook does matter for the Fed. As for other dovish sound bites, Fed Governor Daniel Tarullo speaking at an IIF conference said that he is worried about global growth and noted “there are more downside risks than upside risks” which is “obviously something we have to think about in our own policies”. Chicago Fed’s Evans also said that a strengthening of the USD and weak growth aboard could mean slower inflation in the US and less justification for the Fed to hike rates.

Away from Fed officials there was also more debate around what is the right policy for Europe - in particular the mix between monetary and fiscal policies. Draghi said that ECB’s balance sheet expansion is the last monetary tool left to revive inflation. Draghi reiterated his EUR1trillion target but this was met by some opposition by Bundesbank’s Weidmann who said that a target value isn’t set in stone. Indeed Germany looks rather isolated when it comes to policy prescriptions for Europe. Draghi’s call for easier fiscal policies from European countries (that can afford to) was opposed by Germany’s Finance Minister Wolfgang Schaeuble earlier last week who continues to emphasise on fiscal discipline and structural reforms across Europe. This was again a key theme in Washington over the weekend with Larry Summers, Christine Lagarde, and Jyrki Katainen all urging for more fiscal flexibility from Germany. A Die Welt lead editorial on Sunday also argued that a weakening German economy should force a policy rethink and warned that Schaeuble's push to achieve a "schwarze Null" (a federal budget that is in the black) in 2015 should not turn into a mindless "fetish".

DM developments aside the main EM headlines from Washington was on China. PBOC’s Chief Economist Jun Ma doesn’t see any reason for large-scale fiscal or monetary stimulus “in the foreseeable future” despite China’s slowing growth. He thinks the risk of a hard landing is very low but did note that leverage in certain sectors — including real estate, certain state-owned enterprises and local-government financing vehicles — was already too high, and that further lending to these areas should be avoided. On a similar note, China’s Premier Li reaffirmed during a speech in Hamburg that "China's economy will not suffer a 'hard landing' like some people fear". PBOC’s governor Zhou also re-iterated the party line that the central bank will stick to a prudent monetary policy but also noted that employment is better-than-expected, inflation is relatively low, and expects China GDP to be at about 7.5% this year.

Staying on China the latest data overnight were on the encouraging side of things. Both exports (+15.3% yoy v +12.0% yoy expected) and imports (+7.0% yoy v -2.0% yoy expected) grew more than expected in September. The Shanghai Composite is still around a percent lower overnight but off its intraday lows. Indeed it has been a fairly weak session for Asian equities. Bourses are in the red across the board (Hang Seng -0.6%, HSCEI -1.0%, KOSPI -0.8%, ASX 200 -0.8%) following the negative US lead on Friday. Indeed the S&P 500 (-1.15%) fell for its second consecutive day to close at its lowest since May. We are now around 5% off its recent highs of 2011 and hovering just around an interesting technical level namely its 200-day moving average. The S&P 500 Futures (-0.5%) are now trading at around 1884 as we type. Treasuries continue to catch a bid on the back of the risk-off tone with the 10yr closing around 3bps lower at 2.28% (at a YTD low and lowest since June 2013) on Friday (closed for Asian session overnight). In FX, the Dollar is weaker overnight (DXY -0.5%) which did little to support Oil prices. The correction in Oil continues with Brent down 1.3% overnight at US$88.9/bbl (near a four year low).

Moving on to today, the risk tone will likely be dictated by the European session as US activity will be very light given the Columbus Day holiday. We have a relatively quiet day for data watchers today but the calendar will pick up tomorrow and beyond with a big focus on inflation numbers amongst other things. Indeed tomorrow will see the release of Germany’s ZEW survey alongside CPI prints from the UK, France and Spain. Wednesday’s data highlights will include the US retail sales for September, the Fed’s Beige Book, CPI readings from China and Germany, US PPI, and the NY Fed Empire State survey. Draghi will speak twice on Wednesday which could also be a source for headlines. On Thursday, we will get Industrial Production stats and the Philly Fed Survey from the US on top of the usual weekly jobless claims. European CPI will also be released on Wednesday. We have the first reading of October’s UofM Consumer Sentiment on Friday along with US building permits/housing starts. Yellen’s speech at the Boston Fed Conference on Friday (entitled “Inequality of Economic Opportunity”) will also be closely followed.

Away from the macro events this week, it will also be a busy week for company earnings. We have over 50 S&P 500 companies lined up for quarterly results (nearly a fifth of the index’s market cap). JPMorgan and Citigroup will kick things off for US banks tomorrow followed by BofA on Wednesday, Goldman Sachs on Thursday, and Morgan Stanley on Friday. Away from Financials, we have the likes of Intel, Johnson & Johnson, Google, and GE also reporting this week.

 

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Mon, 10/13/2014 - 06:42 | 5323247 Sam Clemons
Sam Clemons's picture

Of course it was manipulation.  Not the fact that by most measures stocks are temporarily oversold.

Mon, 10/13/2014 - 06:56 | 5323257 SoilMyselfRotten
SoilMyselfRotten's picture

same as it ever was...

-Talking Heads

Mon, 10/13/2014 - 07:09 | 5323268 GetZeeGold
GetZeeGold's picture

 

 

 

The future's so bright.....I gotta wear shades.

 

We've got crazy people at the IMF that wear dark glasses....which would explain the hellish tan jobs.

http://www.youtube.com/watch?v=wEp3zu2e9pE

Mon, 10/13/2014 - 09:54 | 5323678 g'kar
g'kar's picture

....or

 

Sunglasses at Night - Corey Hart

"I wear my sunglasses at night, so I can, so I can
Watch you weave then breathe your story lines...."

www.youtube.com/watch?v=X2LTL8KgKv8

 

 

Mon, 10/13/2014 - 07:24 | 5323286 junction
junction's picture

The question now is what happens to global markets when inside sources reveal China has had its first Ebola death virus cases, which the Ministry of State Security kept secret?  China has a heavy economic footprint in Africa, so it is only a matter of time before one or two of its workers in west Africa get infected with Ebola before returning to mainland China. 

Mon, 10/13/2014 - 07:31 | 5323299 LULZBank
LULZBank's picture

Good thing is, ebola waited quite some years for this.

Mon, 10/13/2014 - 08:25 | 5323403 silverer
silverer's picture

What will also be interesting is to see how China responds to the threat, compared to the U.S.: Will China kick ebola, or vice-versa? We already know where it's going here. "Contained" in the U.S. means that most new cases will be within our borders.

Mon, 10/13/2014 - 09:19 | 5323568 Osmium
Osmium's picture

May they live in interesting times.

Mon, 10/13/2014 - 07:32 | 5323300 SAT 800
SAT 800's picture

Well, that was interesting; the S&P futures certainly are back in the green; Oh what little faith I had. shame on me.

Mon, 10/13/2014 - 07:37 | 5323309 SAT 800
SAT 800's picture

Huh. this is better than comedy movies I betcha. Very entertaining.

Mon, 10/13/2014 - 07:56 | 5323336 DeadFred
DeadFred's picture

Yes we were remporarily oversold. The important thing is to watch this bounce off support. Is the dip still being bought has the magic fled. The most bearish signal we could see now is for the market to trade flat now for a few days or a week then break lower.

Mon, 10/13/2014 - 08:18 | 5323381 Bangin7GramRocks
Bangin7GramRocks's picture

What measure would they be? Every bank is insolvent and the "markets" would be 50 to 75% lower without constant intervention. You are living in fantasy land Broseph!

Mon, 10/13/2014 - 06:45 | 5323248 Dungholio
Dungholio's picture

I need a drink.

Mon, 10/13/2014 - 07:24 | 5323285 Tall Tom
Tall Tom's picture

I think that I want a drink as well.

 

And I rarely drink alcohol...rarely. The last time that I drank it was a beer, a 12 ounce Coors Light, in late July. And man did I catch a buzz.

 

I know...I know...I am a fucking lightweight.

 

But after reading that link to the CBS article from Los Angeles linked within this article, and then reading the damned communist comments, maybe Ebola in Los Angeles might be a Godsend.

 

I have got a Six Pack of Corona in the refrigerator for guests. Yeah. I am not going anywhere this morning.

 

Yeah. That does not sound like a bad idea.

Mon, 10/13/2014 - 08:19 | 5323385 Bangin7GramRocks
Bangin7GramRocks's picture

The Iron Shiek says "YOU ARE FAGGOT!"

Mon, 10/13/2014 - 06:54 | 5323251 jubber
jubber's picture

Huge US ramp has spiked all European Indexes and triggered stop losses across the board, FTSE MIB up 450 DAX up 190 IBEX up 240 just total scam, and of course Gold and Silver that were up decently have been hammered almost down to flat throughout the morning, Gold is off $12 from its high and of course USJPY up 50 points from its lows Nikkei which was closed up 200 !

CNBC fails to mention of course any of this shit

Mon, 10/13/2014 - 07:33 | 5323301 LULZBank
LULZBank's picture

We are saved!

Mon, 10/13/2014 - 06:48 | 5323252 Latitude25
Latitude25's picture

If ebola is so dangerous why isn't half of Monrovia Liberia dead?

Mon, 10/13/2014 - 07:30 | 5323294 Tall Tom
Tall Tom's picture

Give it time...just give it a little more time.

 

Patience is a virtue.

 

That is the problem with Americans. We all want instant gratification.

Mon, 10/13/2014 - 07:35 | 5323307 StychoKiller
StychoKiller's picture

"Rome wasn't built in a day."

Mon, 10/13/2014 - 08:05 | 5323353 GetZeeGold
GetZeeGold's picture

 

 

Remind me......how did the Roman Empire end again?

Mon, 10/13/2014 - 07:52 | 5323329 LULZBank
LULZBank's picture

Germs dont kill people...

Mon, 10/13/2014 - 09:27 | 5323602 Redneck Hippy
Redneck Hippy's picture

Be patient.  You are likely to get your wish.

Mon, 10/13/2014 - 06:49 | 5323253 russwinter
russwinter's picture

The Fracking Ponzi Scheme is Fractured.

http://winteractionables.com/?p=15462

Mon, 10/13/2014 - 06:51 | 5323254 fxpmtrader
fxpmtrader's picture

Me thinks this week marks the lowest week for the rest of the year - and minimum 10-15% higher into yearend.

Mon, 10/13/2014 - 06:59 | 5323263 Dungholio
Dungholio's picture

Maybe even 60%!!!   BTFD!!!!!!!

Mon, 10/13/2014 - 06:54 | 5323256 jay28elle
jay28elle's picture

oh, they are just being good sheeple and BTFD, thats all.

Mon, 10/13/2014 - 06:58 | 5323264 dressguard
dressguard's picture

This manipulation turns into pure desperation. The manipulation is so obvious now and they don't give a damn shit about it!

Mon, 10/13/2014 - 07:13 | 5323277 GetZeeGold
GetZeeGold's picture

 

 

It's inspiring really. Look how far we've come!

Mon, 10/13/2014 - 07:13 | 5323278 RealityCheque
RealityCheque's picture

Chicago motherfuckers will need to bring their sleeping bags to work for the next few days.

Mon, 10/13/2014 - 07:16 | 5323282 Dungholio
Dungholio's picture

Correction over!  You will now be returned to your regularly scheduled (HFT) program!

Mon, 10/13/2014 - 07:34 | 5323303 didthatreallyhappen
didthatreallyhappen's picture

in the posts, there is not 1 mention of "jew", "mossad" or "israel".  what is wrong with you people?

Mon, 10/13/2014 - 07:36 | 5323308 GetZeeGold
GetZeeGold's picture

 

 

Dammit you jinxed us.....we had the chain going.

Mon, 10/13/2014 - 08:18 | 5323383 Comte d'herblay
Comte d'herblay's picture

Here's one:  Lord Blankfein touted a target a price of EMES in $156 range.Two weeks b 4 it crashed to a low of $77 on Friday.

Guess what Lord Blankfein's book read on Sept 30? 

D'ya think Blankfein made a fortune on that short? Or did he buy more?

Mon, 10/13/2014 - 07:36 | 5323305 SAT 800
SAT 800's picture

Well, I;ll be damned. I wonder what changed the futures buyers minds ?

Mon, 10/13/2014 - 07:35 | 5323306 oudinot
oudinot's picture

I don't neccesarily believe that the market is manipulated higher overnight by the TPTB.

In the 2000 crash the bears would BUY futures pre market  in order to short higher when the market opened up.

I wouldn't be surpised if that is what happened overnight.

Bears aren't stupid.

Mon, 10/13/2014 - 08:14 | 5323372 Comte d'herblay
Comte d'herblay's picture

Stupid is as stupid does.   (Gump, circa '80s)

My shorts (TZA) bought in 2008 have never recovered.  If I don't feel like an idiot for buying into the bottom of the crash, then I don't know what else to call it. Dunce, potato head, putz/schmuck, shmendrick sound right, too.

 

Mon, 10/13/2014 - 08:36 | 5323435 eclectic syncretist
eclectic syncretist's picture

exactly.  commercial banks will short the Feds buys all the way down.

Mon, 10/13/2014 - 07:44 | 5323314 razorthin
razorthin's picture

Just a flash of a middle finger to the retail shorts while wholesale gets another chance to unload.  666.

Mon, 10/13/2014 - 07:46 | 5323319 Cautiously Pess...
Cautiously Pessimistic's picture

What was the Over/Under on homicides this past weekend in CHIRAQ?

Mon, 10/13/2014 - 07:56 | 5323332 GetZeeGold
GetZeeGold's picture

 

 

I think we should pull the troops out of Chicago.....pretty sure they can make it on their own now.

Mon, 10/13/2014 - 08:02 | 5323334 Son of Captain Nemo
Son of Captain Nemo's picture

Let's face it...

They will simply keep doing it till they can't!  And best of all we will keep letting them do it without handcuffs!!!

Houdini would have been proud!!!!

Mon, 10/13/2014 - 08:14 | 5323368 LULZBank
LULZBank's picture

Captain, the sheeple loves it and the .gov and they have unlimited supply of funny monney. 

I think most people would want the system to last till they can pay their mortgages off! lol

It will last as long as the supply chains will and then we will skip the stage for handcuffs and straight into murder and mayhem.

Mon, 10/13/2014 - 08:50 | 5323473 Son of Captain Nemo
Son of Captain Nemo's picture

It will last as long as the supply chains will and then we will skip the stage for handcuffs and straight into murder and mayhem.

I take it back LB.

Harry had too much respect for his talent and occupation as a magician to do what the bankers on Wall Street and the farm raised corn fed masses are allowing them to get away with at this late stage!

Slaughter will only be fitting!!!

Mon, 10/13/2014 - 09:18 | 5323546 danpos
danpos's picture

It's hardly a "pandemic" in America when you can count the number of patients on one hand.

The pandemic is of panic and fearmongering.

We do have illnesses to fear, and maybe Ebola will be a royal pain in the...

But what's with this single-disease obsession?  There are health risks everywhere.  Ebola is one of many, but for most of us, not in the top 10.

Edit: I should probably say it's not an "epidemic" in America at this point.  Pandemic?  Depends on how you define it.  Normally <10,000 cases worldwide would be a rare disease, not a pandemic.  But this one is scarier.  I don't like Ebola, I've just been weary of the fixation on it.

Mon, 10/13/2014 - 09:36 | 5323625 SheepDog-One
SheepDog-One's picture

Futures up .1%!
OMFG.....we did it!????

Mon, 10/13/2014 - 09:39 | 5323626 RaceToTheBottom
RaceToTheBottom's picture

Stanley Fischer's point was the relevant one:  Tapering the US Taper will be blamed on the rest of the world.  The US is fine, until it isn't

Mon, 10/13/2014 - 09:50 | 5323670 yogibear
yogibear's picture

William Dudley of the NY Fed will keep pushing the buy buttons before the election.

Once Ebola takes hold it will devistate staffing and consumer demand.

Already the Dallas hospital with the 2nd person contracting Ebola has staffing issues. Screw work when your life is at risk. Just leave while you can with your health.

Your health is priceless.

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