Once the bad news is out, Japanese stocks will stabilize -- and the US correction will be short and shallow.

...in the forest and no one was there to hear it, would it still make a noise?

A solid, if not spectacular, jobs report. The economy is firmly in second gear.

No -- because it won't be the "end" of QE, only its completion.

The ECB has pointlessly made Europe's debt burdens heavier, especially for the PIIGS.

Last week's battle over spending strengthens one of the pillars of this bull market.

The Fed's managing an unstable balance of titanic inflationary forces against the risk of deflation.

Tomorrow's likely record low funds rate has little to do with how the Fed now operates.

A zero rate and a humongous Fed balance sheet -- good for now, but not forever.

Deflation-fighting is the Fed's Job One now -- unfortunately its best weapon is inflation.