A mistrial was declared yesterday in Baltimore for one of the police officers charged in the death of Freddie Gray while in police custody. Protests occurred immediately after the verdict was announced. One protester put it, "We want justice & we're just not going to get it". One thing seems clear w/this mistrial verdict of a black man dying while in police custody; the perception racial injustice is alive & well in America.

Once again we ask The Fed, "why now?"

Bloomberg's Consumer Comfort survey found 69% of people hads a negative view of the state of the economy, netting to the 30.6 print above - the lowest since November 2014... The perfect time to hike rates?

Following last month's bounce, driven by a surge in 'hope', The Philly Fed collapsed to -5.9 (dramaticlaly missing expectations of +1.0) and hitting its lowest levels since Feb 2013. With 'hope' plunging back to its lowest levels since Dec 2012, there was little to support the dream as Prices Paid and Received plunged, and New Orders cratered to 3 year lows. Future CapEx expectations crashed as did workweek and employment outlooks.

Not unequivocally good...

Charts: Bloomberg

For those interested in a case study of what happens after a dramatic devaluation, you now have front row seats for what is likely to be a 25-30% peso plunge. Grab the popcorn. 

That's what we said on Wednesday evening in "Prepare For Peso Plunge: Argentina Lifts Currency Controls," after the country's FinMin Alfonso Prat-Gay announced that, as promised, new President Mauricio Macri would move to unify the official and black market exchange rates in the face of depleted FX reserves and still sky high inflation.