Forces at work from Tokyo to Kiev have been roiling the U.S. stock market for a couple of week. But the financial sushi that is now on the menu in Japan, and Russia's "Crimea of the Century" are only part of the story.
Despite Yellen's evident caution and discomfort in expressing any specific quantitative definition of "considerable period," the stock and bond markets chose to take Yellen ultra-literally about the six months and turned suddenly and violently downward.
In their view, the ECB has no treaty-based mandate to print money or undertake "quantitative easing" in this way. If that is the case, however, then the euro is a suicide pact, powerless to defend itself against its own demise.
Forget the Wisconsin recall. We are into the last two weeks of June with a calendar loaded with answers to questions that will determine the course of the rest of this year, economically and politically.
The timing of JP Morgan's trading moves leads to the obvious question -- whether the London-based traders who happened to run the desk at Morgan London were making a bet on the outcomes of the French and Greek elections themselves.