WEDNESDAY 7/13/16; German 10-Year Bund Auction at -0.05% First Negative Yield Ever; New UK PM May Takes Control in July; Import and Export Prices; SPX (S&P 500) and INDU (Dow Industrials) New All-Time Record Highs; COMPQ (Nasdaq Composite) New 2016 High; 30-Year Bond Auction; Beige Book; CSX; YUM

Japan cuts inflation and growth forecasts; bad news is good news since the BOJ will have to provide more stimulus which will pump stocks higher. The BOJ has promised more money printing so the yen weakens with the dollar/yen pair up to 










[Text is Redacted: Purchase July 2016-07 to Read the Complete Chronology]

 general understanding is that the economy is lackluster and sluggish so Harker’s calls for rate hikes going forward appears misplaced. The Federal Reserve loses credibility with Harker calling for five rate hikes in the same period that the markets expect no rate hikes.