As I wrote yesterday, the market is pricing in a slower US GDP for Q3. 50-75K private payroll growth is not enough to drop the unemployment rate, but it’s enough to avoid a double dip recession. It will just feel like a DD as it will dominate the newsflow due the upcoming US election. Yet…..in our 24/7 news cycle, I definitely feel that focus is myopic and trends toward the negative for impact. Therefore, we are going to need a sustained, positive theme to be established before a shift can occur.

The better-than-expected German & Eurozone GDP is a good … …READ MORE