I hope my screed last week about frothy dry bulk carrier stocks persuaded you not to get into that thicket—or to sell out if you had been lured in. The group, led by Dryships, which we sold ages ago, duly crashed.
The market took Yellen remarks as hinting at a further interest rate rise in June. By responding at all, Chair Yellen reinforced her move toward greater openness at the Fed. “The days of never explain, never excuse, are over.”
The week of many close of month reports on global economies began with a big bite of bad-good news. The inflation rate in Italy fell by 0.5% in November after rising in October. In the world of today, central banks want there to be more inflation.