Non-Farm Payrolls drew something of a yawn but, coupled with a look at how business revenues are faring, they do tell us that a little stress is building.
Meanwhile, sterling seems to be without a friend in the world, not least back in Threadneedle Street.
Please click the link for a special, complimentary edition of my bi-monthly market update.
Please see the page heading above which bears this title for a daily 2 1/2 minutes’ worth of reportage, commentary – and comedy – on the financial events of the day, as broadcast on World Radio Switzerland during its evening ‘Drive Time’ programme.
In the Q&A which followed the latest Federal Reserve exercise in ostrich imitation, Janet Yellen offered up this giant hostage to fortune, if only in the spirit of she-would-say-that-wouldn’t-she:
‘Overall, I would say that the threats to financial stability I would characterize, at this point, as moderate. In general, I would not say that asset valuations are out of line with historical norms.’
Patently, if she has somehow arrived at the determination that there is no indeterminably constituted asset bubble in operation, then it figures that non-bubble asset prices cannot be out of line with their norms. Chalk one up to answering one’s own question in the affirmative.
But how much truth is there in this claim? Not very much at all as you will discover if you click on the following link to read this extract of the latest monthly ‘Money, Macro & Markets‘:
MMM Sept 2016 Pt III