Overnight we saw several central banks meeting globally on the heels of yesterday's FMOC report. It featured a mixed bag of results with Brazil raising rates to curb inflationary concerns, Russia cutting her dramatically inflated rates aimed at currency support from 15% down to 13.5%, and Japan standing pat at her current monthly quantitative easing amount of 80 trillion yen.
Is that what you call ceasing military action? Just hours after Saudi Arabia announced that they would cease military action in Yemen the bombs continued to fall. Crude oil prices, that had fallen in response to the surprise announcement the day before, rallied even in the face of a bearish supply report.
While there were some aggressive price swings overnight, the trading into this morning is all consistent with our previous analyses. While our skepticism of U.S. equities and friendly view of the govvies remains, it is tempered once again by the quantitative easing factor in the wake of China’s major weekend move