Remember last Monday - the day after Banco Espirito Santo was bailed out and Europe was fixed... before the world's geopolitical chaos rotated to aa on the Spinal Tap amplifier of doom - well US equity futures have levitated on de minimus volume, with the help of AUDJPY, to last week's highs. And all that before Rasmussen threatened Russia, US unleashed airstrikes and Russia stopped its military drill. Treasuries are 0-1bps higher in yield. Silver and oil are rising notably.
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Wondering why stocks are up? Here's one reason...
Stanley Fischer gave one of his first major speeches and the first one overseas since becoming vice chair, and it’s quite interesting the number of times he worked in phrases such as "cautious on recovery," "productivity and growth disappointed," "global growth disappointing," "careful on being too reliant on data- dependence as part of forward guidance," -- this is not the speech of an activist, Bloomberg's Richard Breslow writes.
Not as rah-rah as could have been expected, hopeful was the best you could say; if you were looking at S&P futures as he spoke, every time he said the word "disappointing," they ticked up, not a coincidence
