FED WORLD

it's always good to get a look inside at the musings of the Fed as occurred today in another release of it's minutes from last month.  Reassuring as well.  Seems as though the decision has been made to reduce the balance sheet from its present $4.5 trillion level and thank goodness the Fed is sure that there will be no upsetting the market while so doing.  Whew!  Knowing that is, I guess we should pay no attention to the movement of 10's all over the world in the past week at the suggestion of what was announced would be announced.  The again, $4.5 trillion are a lot of bonds to be moving around, keeping in mind that the Euros and the Japanese and the Brits have more than that on their own as we keep pointing out and which are going to be moving at the same time.  Look, I certainly hope the Fed is right but.......

From the mysteries of international finance we turn to the Little Fat Nut who shot off what people are calling a game changing missile to celebrate July 4, a G-20 meeting that according to some has the potential of turning into a Brannigan and the mess that is the Middle East...all of which seem to have absolutely no effect on global markets (other than bond yields) as equities slowly reach new highs every week.  I continue to stand in amazement at the seemingly complete lack of concern.  Then again, the Triplets turn 10 in two days so what do I have to worry about.  We're headed off for the birthday party weekend and will be back on Tuesday.  May try to sneak in one tomorrow on The Donald's Excellent Adventure Over There but the bet is nothing happens until he and The Put go Mano a Mano.  My bet is that is anti climatic as well.  The Little Fat Nut?  Ah,  that's a different deal, but not this week.  The U.S.A...in the year of its Independence, the 241st. And the Trips in their 10th. Not sure which event is more glorious, but I know it will be a good weekend.