SUNDAY 5/11/14

Happy Mothers Day. Fed’s Lockhart provides his once per month speech from Dubaii and is concerned over low inflation (central bankers cannot bring themselves to say the ‘D’ word; deflation). He is worried over the tepid growth but says “ther is a very high bar to change the tapering decision.” Thus, QE is on track to end later this year. Lockhart says H2 of 2015 is his targeted area for a rate hike but this scenario is not cast in stone.

[Text is Redacted: Purchase May 2014-05 to Read the Complete Chronology]

London is the city with the most billionaires more than Moscow or New York. Interestingly, however, only one-third are British so obviously the wealthy seek out the lower tax areas.