Hooper tagged a move down on SP Future today after Europe went into a tailspin. Interestingly, we have received several gloomy emails from the brokerage community since. I'm more inclined to believe the harsh realization that LSAP-4-Eva is going bye-bye and the equity market mark up needs a pause.

We posted a couple months ago that the Death Star was quietly being used to inch the base rate up. Strictly technical, of course, and nothing to see here but low and behold BBG finally picked up on it and the "floor" has moved from negative/zero to 10-12bp. The Yellen Fed was conceived in Dovishness but will be dominated with nasty little bits of LESS.

We all saw 2 years ago that the Euros can ruin a weak expansion quickly. We still view this as a necessary tremor on our way out of QE-land.

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