Europe

Authored by John Mauldin via MauldinEconomics.com,

Everyone is missing the serious problem that ultra-low interest rates have created for retirees.

Pension funds are still assuming that future returns will be in the 7½–8% range. And as people get older and have no practical way to go back to work, pension funds that are forced to reduce payments in 10 or 15 years (and some even sooner) will destroy the lifestyles of many.

• Bank of Japan Holds Fire on Stimulus, Negative Rate Unchanged (BBG)
• Donald Trump Aims for a Knockout in Tuesday Primaries (WSJ)
• Global Stocks Fall on Commodities Decline, Ahead of Fed Meeting (WSJ)
• Oil prices fall as clouds gather over supply picture (Reuters)
• Many Shale Companies Are Unable to Ramp Up Oil Output (WSJ)
• Valeant Slashes Guidance, stock crashes (WSJ)
• Fed to sit tight on rates at March meet, hint at hikes to come (Reuters)
• Big Money Gets On China's Lifeboats (BBG)

Was that it for the great February/March bear market rally?

Earlier this month, JPMorgan’s Jan Loeys revealed that the bank is underweight equities “for the first time this cycle.”

Why? Well, allow Jan to explain it to you:

Submitted by Ben Hunt via Salient Partners' Epsilon Theory blog,

With regard what's happening in Europe, we've seen this movie before.