....the world does not appear to be careening towards the cliff's edge as he notes " investors and central bankers are realizing anew that two-way markets don't have to necessarily be metaphors for out-of-control train wrecks that will plunge the global economy into havoc."
Today has a distinctly upbeat feel to it. That's rare enough, so I'm going to enjoy it while it lasts. Or for the next hour, whichever is longer. Equity markets have been moving around, but the action isn't couched in dire terms every time there has been a dip. The coming bond auction deluge is being discussed in terms of appropriate concessions rather than who's going to want all of this stuff.