The Schumer-Graham tariff bill is back, and China will probably blink again.

So many anti-growth long-fuse tax bombs, and so little reaction.

A weak report: employment and unemployment are growing at the same time.

The yuan moves oil, jobs move consumption, and unemployment keeps the Fed on hold.

The euro is saved, for now. But a lawless rescue is a permanent blow to credibility.

The recession is so over, the consumer is still king, and the "new normal" is off the table.

The new systemic risk: liability for past sins and heightened clamor for regulation.

...then why haven't consensus earnings -- or stocks -- tracked on the upside?

The FOMC meets, facing a secular breakdown in the labor market.

The Fed had nothing to say, so it said nothing. So it's no exit as far as the eye can see.