Time for some shock and awe?
- US inflation (on the core PCE deflator) was normal. US central bank policy is decidedly not normal. The Fed needs to raise rates this year.
- The UK Prime Minister told government ministers to prepare details for ending 42 years of EU membership by tomorrow, to take to the G20. Why the G20 cares is anyone's guess.
- Euro area business confidence is due, and is not expected to give much direction to markets. German inflation may show local price pressures building.
- Japanese consumer spending fell. High price inflation / low wage inflation expectations are a bad combination. The government needs shock and awe tactics to alter popular opinion.