Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- Moar revenue! Senate passes online tax bill [7]
- GDP? We've got that. BEA changes calculation [8] to include 'promises' to fund pensions
- No time for macro tourists: S&P ignores plunge in Macro data [9], soars to new highs
- Twitteresque: BofA [10] & JPM [11] have zero (as in none) trading losses in Q1
- Paging Hans Mikkelsen: High Yield debt yields below 5%, [12] or where the US 10yr was in 2007!
- Weekly initial claims drop to 324k, lowest since 2008 [13]
- Central Planning 1, South Korea 0 … South Korea cuts rates to stop hot money flows [14], despite inflation headwinds
- USDJPY breaches 100 [15] -- yay!
- US 30yr Demand stronger than expected [16], pricing at a 2.98% yield
Negatives
- Nope, no rotation: Hans Mikkelsen's credit short gets "Crushed" [17]
- Buying SPY instead? Home renovation spending plummets [18]
- March consumer credit misses, as revolving loans actually decline [19] for the first time in 2013
- Trickle-Down, down, down… Q1 Annual wage growth declines .1% YoY [20]
- Wednesday's 10yr US auction was rather weak [21]
- And for our next bucket of cold water, the dow in Gold terms [22]…
- Don't look now, but there may be a run on physical gold [23] taking place
- Wholesale sales drop most since 2009 [24]
- JGB Volatility gets out of control again [25]
Additional
- As a reminder, here is the S&P with and without QE [26]
- How about the S&P with and without Tuesdays [27]?
- Icahn re-up's HLF stake [28]
- We found a fan of Austrian Economics, and you won't believe where [29]
(h/t @ZH_Crown)