Early comments to hit the tape from BB throw no liquidity bones to risk assets.
- Inflation remains predominant concern
- Incoming data support Fed's policy stance
Macro Man agrees that fears on the economy are overblown, but concedes that he would like to see some improved data pretty soon to support that view.
Stocks should suffer on this, as the cyclical data evidently needs to get considerably worse before BB changes his tune; perhaps the Bernanke put is struck at lottery ticket levels after all!
Macro Man takes his lumps on the MXN, stopping out at 11.0850 spot basis, 11.0970 to April 4.
- Inflation remains predominant concern
- Incoming data support Fed's policy stance
Macro Man agrees that fears on the economy are overblown, but concedes that he would like to see some improved data pretty soon to support that view.
Stocks should suffer on this, as the cyclical data evidently needs to get considerably worse before BB changes his tune; perhaps the Bernanke put is struck at lottery ticket levels after all!
Macro Man takes his lumps on the MXN, stopping out at 11.0850 spot basis, 11.0970 to April 4.
1 comments:
Click here for commentsHere's some good news - #6 homebuilder Beazer in Atlanta has investigation by FBI, IRS and alphabet soup into multiple varieties of fraud. What a surprise. I'd like to see some decisive good news too, and expect to see some late in 2008.
As to risky assets, it's about time, my one remaining big Short on EM stocks was drowning. Wave C could be a doozy, even if FedHeads and Treasury join hands with Wall Street to prop up markets. Battle continues, with delays.