iftttwall

Despite Yellen, Bullard, and Evans on the tape, markets limped lower on the day. Of course, we had the standard POMO-based ramp but once again credit markets and VIX indicated more than a few were seeking protection rather than loading the boat at these all-time high round-numbers. Stocks had reached their 'richest' in 3 months relative to the Fed's balance sheet and so were perhaps due a little more turmoiling but Treasuries sold off all day (and not on growth expectations) to end unchanged across the curve on the week. The USD oscillated but ended lower (JPY unch on the week) and commodities dribbled higher (though all remain red on the week). Perhaps the most worrisome thing today was the total disconnect between stocks and FX carry after Europe closed…

 

FX Carry tried its best but stocks entirely disconncted after Europe closed (and POMO ended)…

 

Treasury yields bled higher all day – retracing yesterday's gains…

 

Credit remains notably saturated still…

 

Precious metals went nowhere, oil rose modestly…

 

VIX appears modestly bid here relative to the exuberance…

 

Homebuilders have slipped notably in the last coupel of days…

 

Charts: Bloomberg

Bonus Chart: The Volatility term structure reached a complacency extreme – just as it has a few trimes this year – suggesting more than a 1-2% decline on this dip…

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/lIy2xn_tLgM/story01.htm Tyler Durden

Whoever bet money on the prop bet that Obama would finally blame the epic debacle that is Obamacare on the republicans can now retire.

• OBAMA SAYS ONE REASON FOR ROCKY HEALTH CARE ROLLOUT WAS THAT REPUBLICANS ON “ONE SIDE OF THE HILL” WERE INVESTED IN ITS FAILURE

Because it was obviously the Republicans who sabotaged the 3+ year rollout of Obamacare, and handpicked the “outside” contractors who made healthcare.gov such a smashing success. At least Bush walked away unscathed.

And now back to watching Obama as he channels the TOTUS.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/GM4T4xFJRXo/story01.htm Tyler Durden

Following the White House’s ignorance of anything that could be going on at the Census Bureau (apart from knowing for sure that the report on jobs data manipulation was misleading), the Census Bureau itself has chimed in…

• *CENSUS BUREAU SEES NO ‘SYSTEMIC MANIPULATION’ OF JOBS DATA

So that’s good then – just unsystematic? A single-manipulator, acting alone (from the book depository?)

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/5ldWYKP4-Ms/story01.htm Tyler Durden

Following yesterday's good-cop-bad-cop Bitcoin discussion, it is the turn of the Senate's Banking, Housing, and Urban Affairs committee to comprehend the benefits of the unregulated cryoto-currwncy and why the fiat-defiers should be crushed (for their own good of course). Law Professors, FinCEN Directors, and Bank commissioners in on corner, and the CEO of BitPay in the other… ding ding, Round 2."The Present and Future Impact Of Virtual Currencies – security and international trade and finance" We can only imagine the vol about to hit BTC prices following yesterday's fun and games…

 

(chart: bitcoinwisdom)

 

As a reminder: What Is Bitcoin?

 

Today's Witness list (and their lengthy testimony links)…

Panel 1

• Ms. Jennifer Shasky Calvery [view testimony]
  Director
  Financial Crimes Enforcement Network
• Mr. David Cotney [view testimony]
  Commissioner of Banks
  Massachusetts Division of Banks

Panel 2

• Mr. Anthony Gallippi [view testimony]
  Co-founder and CEO
  BitPay, Incorporated
• Ms. Mercedes Kelley Tunstall [view testimony]
  Partner and Practice Leader, Privacy and Data Security Group
  Ballard Spahr LLP
• Ms. Sarah Jane Hughes [view testimony]
  University Scholar and Fellow in Commercial Law
  Maurer School of Law, University of Indiana
• Mr. Paul Smocer [view testimony]
  BITS President
  Financial Services Roundtable

 

Live Stream via Senate:

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/tcYaX44xSak/story01.htm Tyler Durden

“Behind the headlines, we have made real progress…” he advises all the CEOs who are not hiring, not spending on Capex, but instead have bought back shares and raises dividends…

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/8a62NEtZy7E/story01.htm Tyler Durden