Germany Blinks (again)
Merkel, May 5: "it's the politicians vs. the markets, and the politicians will prevail"..
Germany's move, in force at midnight tonight, smacks of desperation, and sends a wrong signal to the markets. There is nothing wrong with banning naked CDSs per se, but giving only 6 hours notice?
Personal Consumption Strong
The quarterly change in PCE is based on the change from the average in one quarter, 
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