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The pathway for “government spending” is a truly brilliant scam:

Shortly before 1pm ET, a sharp spike in the USDJPY on high volume, which has since moved the USDJPY up by over 50 pips on short notice...

... and sent TSY yields well above the key 2.30% quadruple (or maybe quintuple bottom) support level...

... as well as pushing stocks ro session highs. The jerk higher in the USDJPY also slammed gold to overnight session lows.

It was not clear what was the catalyst for the sharp move, however shortly before the move Bill Dudley spoke, discussing the future of the Fed's balance sheet:

For the 12th week in a row, the number of US oil rigs rose (up another 10 to 672 - the highest since September 2015). US Crude production continues to track the lagged rig count, pouring more cold water on OPEC's production cut party.

The rig count grows, tracking the lagged oil price in a self-defeating cycle.

And crude production appears to have plenty more room to run.

Authored by John Rubino via DollarCollapse.com,

The UK’s Telegraph just published an analysis of global debt that pretty much sums up the coming crisis. Here’s an excerpt with a couple of the more hair-raising charts:

Global debt explodes at ‘eye-watering’ pace to hit £170 trillion

Remember when the Fed was "data dependent"? Well, if the Atlanta Fed is right, Janet Yellen will have hiked the Fed's interest rate in a quarter in which GDP has grown by a paltry 0.6%, down from 1.2% as of its latest estimate. If confirmed, this would be the lowest quarterly GDP growth in three years, since Q1 of 2014.

Incidentally, just over two months ago, the same forecast stood at 3.4%, it has since fallen by over 80%.

From the source: