As the appetite for risk declines, investors are becoming more defensive and more domestically focused.
And the second quarter is supposed to be the weakest quarter, with a pickup in the third quarter.
The yen is the currency we really like right now.
There's a chance the euro has seen its high for the cycle and Asian currencies have further to adjust.
Headline inflation is moving up. A rate hike is likely in the fourth quarter.
The markets were hoping for more clear-cut evidence of what is happening with the economy. They will have to wait, because the Fed wants more data.
The intervention addresses the issue of a lack of global leadership. It shows that somebody is in charge.