Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- June FOMC says no taper [6] quite yet, keep buying
- Fed & bulls claim employment ‘recovery’, but here are the facts [7]
- Philly Fed posts huge beat in June, coming in at a 12.5 print [8]
- CME hikes gold margins by 25% [9], that’ll teach those evil ZH’ers
- Don’t sweat it, just BTFD: a visual [10]
- Another visual: Assume no fed [11], or said otherwise by some peeps, growth accelerating
- Fed James Bullard wants moar, disagrees with tapering [12]… however, his reason may disappoint some bulls
- Home builders are most confident in 7 years [13] , so we’ve got that going for us
Negatives
- All is not well in Cyprus – President asks for the bail-in to be unwound [14]
- Goldman warns Abenomics has already run its course [15]; only volatility & high yields remain
- Greece only has a budget hole of EUR 1.2bn [16]; the troika is good for it
- The rise in interest rates [17] has the Bernank a bit ‘puzzled’
- Crisis over: Each day 134 retail outlets close in Italy [18]
- Liquidity crunch: On China’s red flags [19]
- More on China’s interbank market freeze [20]
- Speaking of ‘Puzzled’, what exactly constitutes the recovery [21] everyone is talking about
- Bernanke’s comments lead to global liquidation [22], or as some refer to it, “nervous cough”
- European markets plunge [23]
- Weekly initial claims worse than expected [24], come in at 354k
- You don’t say? JPM says fed stimulus inflated asset prices, removal could create a tail event [25]
Additional
- Kyle Bass: “Next 18 months will redefine economic orthodoxy for the West [26]”
- On Jon Hilsenrath’s editor: the NY Fed [27]
(h/t @ZH_Crown)