If ever there was a more sad indication of just what the Fed's liquidity hosepipe of exuberance has done to global capital markets, it is this morning's reaction to a better-than-expected payrolls report. Good news, right? Oh no - not for risk... indicative that a 'taper' may be closer than some hoped, bond yields are blowing higher, stocks are dumping, Gold and Silver are tumbling, and the USD is surging. Still think a 'taper' is priced in? Still think markets reflect anything but the flow of fed money printing? Think again...
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