Hot And Cold

St. Louis Fed President Bullard was on the wires this morning warning of a September rate rise coming from the Fed. Who knows, maybe he’s right but it sure isn’t needed to control inflation as the commodity collapse continues. GSG is down 1% so far, crude is flirting with the forties (and we haven’t seen the Iran effect yet) and as for gold, well don’t let your children watch.

Equities of course remain in the hysteria mode despite horrible internals. I just now heard about jet.com, which is soaking up hundreds of millions of dollars of funding to build a competitor to Amazon.com. This has to be the most extreme example of “what were they thinking?” so far.

Real economy cold, fantasies hot. The beat goes on.

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