America

On Wednesday, President Obama visited the Islamic Society of Baltimore in his first trip to a US mosque as commander-in-chief.

Officially, the trip was “to celebrate the contributions Muslim Americans make to [America] and reaffirm the importance of religious freedom to our way of life.” But as we said on Monday, the visit was actually designed to counter the growing backlash against Islam in the US, where GOP hopeful Donald Trump has called for a ban on all Muslims entering the country.

There’s been no shortage of coverage both in these pages and elsewhere of the impact falling oil prices have had on the American and Canadian oil patches.

We’ve written quite a bit about US O&G producers’ dependence on capital markets to plug funding gaps.

In short, the entire space is free cash flow negative, which means without access to liquidity, the whole thing falls apart. That, Citi wrote last September, is shale oil’s “dirty little secret.”

The New York Times is reporting on “blunt discussions on campus” after last autumn’s racial unrest. At the University of Missouri, a professor teaching a mandatory “diversity” course asked his students to think about why the tennis star Maria Sharapova earns twice as much in product endorsements as Serena Williams, who is a much more accomplished athlete. Excerpt:

The Fed may "seriously consider" negative rates after moving rates back to zero, reintroducing forward guidance and making "stronger pleas" to Congress for fiscal policy action as there are complications for money markets, according to BofAML strategist Mark Cabana.

This would not be a total surprise as Mises Institute's Joseph Salerno warns recent Fed commentary suggests they want to test-drive negative interest rates...