Latest from the US...

Yesterday the Fed gave their monthly update and tellingly only 1 month before their ‘target’ start of September there was no indication at all of tapering of the money printing QE program starting soon.  In fact there is stated concern about rising mortgage rates (given bond yield have jumped at even the hint of it) and inflation being too low which both support more printing.  Most are expecting the unemployment data today (US) to be only marginally better at 7.5% - way off the QE target of 6.5% and unmoved for months now.  The printing continues and they have already reached their debt ceiling of $16.9 trillion before that limit needs resolution in September.  Remember they got downgraded last time because they couldn’t agree on the $16.9t in time!  One would think they’d learn the lesson of their very own Detroit….