1. The Equity market is churning around and the rates concession should take a pause today.
2. The stressed EZ countries need to get more paper out and the window of opportunity is starting to close again. The problem with funding facility success is it slows definitive action.
3. Japan should post its first modern era trade deficit tonight and the Yen is declining as the report nears. A Current Account deficit could be in their future within 3 years changing the long cultural support for large domestic deficit ratios.
4. The FOMC will release the rate guess templates 15 minutes before the presser, allowing for quick misinterpretation and added irrelevance.
5. The SOTU will provide a brief respite from Republican debate fatigue for some Presidential fantasy from the other side. Capital markets are clearly operating outside of the left/right hype and deep in the quagmire of joint incompetency.