Update: it appears there isn't really a deal, but merely a can kicking. As the WSJ adds, the Greek "agreement" merely unlocks a key disbursement of bailout fund but puts a decision on debt relief off until next year. Specifically, the agreement reached in Luxembourg among the finance ministers of the eurozone unlocks €8.5 billion for Greece and puts off a final decision on debt relief until August of next year.
Authored by George Friedman and Jacob Shapiro via MauldinEconomics.com,
There’s no end in sight to slumping oil prices - good news for consumers but a dire development for major oil producers like Saudi Arabia and Russia. And now, rising US oil production and exports are contributing to the slump.
First thing this morning, one of the recent "bullish converts", Bloomberg Marc Breslow was the first to accuse Yellen of making a big mistake, and warning that this may be it for stocks for the time being. He was followed by "Macro Tourist" Kevin Muir, who likewise had been "bullish for a while" then turned negative today on concerns that the global liquidity tsunami is ending.
Authored by Mike Shedlock via MishTalk.com,
The state of Illinois has not passed a budget for close to three years.
Arguably it’s just as well because Illinois budgets for decades have been nothing but a moth-eaten collection of lies, one time deficits repeated endlessly, and financial wizardry statements designed to disguise Illinois’ real problems: failure to rein in spending coupled with a very business unfriendly environment.
When it come to performance so far this year, would one be better off owning the S&P 500 or Long-Term Zero coupon bonds? Below compares the S&P 500 to Pimco’s Zero Coupon Bond ETF (ZROZ). So far this year, both have done well and pretty much have the same returns!