Why has gold dropped $100 when everyone's suddenly worried about inflation?

A slight growth upgrade, a hat-tip to inflation, and no dissents -- overall dovish.

Stocks are not vulnerable on value or sentiment, and Egypt is likely not a systemic risk.

Look through the bad headline and the statistical distortions -- this was a strong report.

With Kevin Warsh's departure, the Fed loses is best-respected voice for tightening.

The systemic risk from Libya points to Europe and to gold.

You'd think we'd already be there, but stocks and gold are clearly saying we're not.

Paradox -- the unemployment rate falls, yet Fed tightening expectations recede.

Europe is a basket case, and the US is growing. The ECB is raising rates, the Fed isn't.

The Fed continues to successfully remove itself as a source of uncertainty.