Authored by James Montier & Philip Pilkington via GMO,

Executive Summary

The homeless crisis in the UK continues to grow with shocking new government figures showing that homelessness has rocketed in England since 2010. Data analyzed by homelessness charity Shelter show that 56,600 people accepted as homeless by councils in 2015 was 33% higher than in 2010. RT reports: The charity says that people losing their privately-rented homes is the single biggest cause of the crisis. Last year alone, around 17,000 families reportedly became homeless after being evicted from privately-rented homes.

The Associated Press reports:

The Islamic State group has trained at least 400 fighters to target Europe in deadly waves of attacks, deploying interlocking terror cells like the ones that struck Brussels and Paris with orders to choose the time, place and method for maximum chaos, officials have told The Associated Press.

The network of agile and semiautonomous cells shows the reach of the extremist group in Europe even as it loses ground in Syria and Iraq.

Some time in the second week of February, when the market was tumbling on, among other things, fears of a U.S. recession, the Atlanta Fed was scrambling to give the all clear signal on the US economy when it surprised watchers by releasing a far stronger than consensus Q1 GDP nowcast of 2.7%.

Every year around this time, Americans face the certainty of tax time, and that means - in general - finding the cash to pay Uncle Sam his just deserts. This scramble for cash is seasonally evident in the variable-rate tax-exempt (Muni) bond market, where the typically wealthy stash their cash, as rates rise into tax time and fall after (as flows come and go). This year however, the scale of the outflows is enormous, spiking money-market fund rates from 1bp to 29bps...