Yellen's first hawkish dissent. But under her "optimal control," it couldn't matter less.

Markets are in a tantrum about the end of QE and ZIRP -- this jobs report won't slow the Fed.

QE is coming to the euro area as bank lending recovers, and trade war with Russia loom.

Unemployment is cyclical. No, it's structural. Wait -- it's both!

Off-script again -- Draghi drops a QE bombshell at the Fed's conference.

A dubious deflation emergency in Europe isn't justification for such low US Treasury yields.

As we expected, an ABS purchase scheme -- along with a surprise rate cut (the last one).

A bad jobs report -- but the key metric in this labor market continued to improve.

Worst case without Scotland: gilts get slightly junked. But no currency crisis, no contagion.

Dots and dissents be damned. The ultra-dovish "Yellen Rule" is completely intact.