The world's financial markets now behave like not very bright but exceptionally well-trained seals, barking and clapping their flippers whenever they hear the words "central bank." On Wednesday these circus performers talked themselves into belief in a rescue of Spain's banks, and a new round of "quantitative easing" by the Fed, and faith that these efforts would work. Dow up 280, 10-year T-note up from all-time bottom one week ago at 1.41 percent to 1.7 percent, mortgage borrowers startled by the run-up. Two days later, no mackerel from their trainers, the seals are back in the tank. The European end of this is straightforward: No one but Germany can float Europe, but it cannot unless all the rest of Europe accepts German discipline, and the ability of non-German eco...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.