Business

Via Dana Lyons' Tumblr,

Data from the volatility market suggests that expectations in the near-term may have finally gotten a bit too complacent.

• Futures little changed day after Brussels attacks (Reuters)
• Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
• Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
• After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
• Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
• Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
• Mounting debts could derail China plans to cut steel, coal glut (Reuters)

Following two days of rangebound moves, where Monday's modest market rebound was undone by the Tuesday just as modest decline (despite the early surge higher on the latest "bullish for stocks" European terrorism), overnight equity action continued to be more of the same, and as of this moment S&P 500 futures were unchanged, while European stocks were modestly higher.

You know you have 'tinkered' too much in the machincations of what dealers now call a "dead market" when the world's largest sovereign bond market is inverted at the short-end and the long-end. The utter folly of Peter Pan policy has sent 10Y JGB yields below the BoJ's overnight call rate for the first time ever...

Earlier today, Canada's new Liberal government unveiled a stimulus budget meant to revive slumping growth with a surge in infrastructure spending and said it would run a deficit nearly three times larger than promised during last year's election.