Central Banks to the Rescue

Markets exploded higher today on the news of a couple big actions from global central banks. First was the report that China had lowered its reserve ratio by a half percentage point, indicating that it has now shifted to policy easing and boosting economic growth, rather than continuing to battle inflation through policy tightening (as…

Hanging on a Headline

Today brought a revision to 3rd quarter GDP, which while disappointing, is at least in our rearview mirror. It also brought the Richmond Fed Manufacturing Survey, which was better than anticipated, but still pretty anemic (zero versus the expected negative two). At this point, we’re looking at low volume markets that are whipping all over…