The "stock market" is up 10% sonce the arrival of the PPT on December 26. It's up 5% since CGP gave his speech in Atlanta last Friday. Therefore, what to expect when the minutes of the December FOMC are finally released at 2:00 pm EST today? Are CDG and CDS being allowed to rise only so they can be reversed this afternoon? We've certainly seen that sort of event about a million times before!
The minutes and the reaction to them will be the key driver this afternoon and through the overnight. Until then, however, there's all sorts of interesting news today. Here's just a brief...