Euro-skeptics wrong again. In September's election, there's no alternative for Deutschland.

Free from systemic risk, markets are about at normal. So when will normal growth return?

The summer without systemic risk is over. But we don't think the bad old days are back.

No rate change, no new guidance, no ideas -- Draghi lives up to low expectations.

Same old labor market. But Syria and nominating Bernanke's successor could defer tapering.

After four years of the Not So Great Expansion, growth acceleration is finally possible.

The Fed is spared assault on its credibility and independence: another systemic risk avoided.

No taper -- but QE3 never lowered yields, so why risk prolonging it now that they've risen?

So much for "bailout fatigue." The German electorate vindicates Merkel's euro strategy.

The next systemic threat? Likely less market risk and political risk here than meets the eye.