The European economic landscape -- post-Brexit

Where did the European Union come from, and what's the big deal about the breakup?

The media in the U.S. have gotten Brexit wrong. The real story requires an excursion to Europe, and then back into markets. Briefly, stock markets have recovered on expectations that central banks will ease anew. Bond markets, on the other hand, have held their deep declines in yield — it is strange not to have some bounce-back, and not explained by prospects for central banks. Yields as low as these reflect anxiety.