The markets have been quiet, but here's the long view

The developed world is borrowed to its capacity, relying on the central bank magic trick of making IOUs disappear
  • Markets trading in narrow ranges often mask surprises.

Markets have been quiet this week in front of a long holiday weekend and next week’s big load of economic data, which will make or break the Fed’s decision to increase the cost of money at its meeting on June 14. Expect “make.”