Waiting for Godot

(1) Depressing dysfunction. (2) Private study finds that fiscal uncertainty boosted unemployment rate by 0.6 ppt. (3) Fed study estimates that jobless rate would be at 6.5% but for fiscal and monetary policy uncertainty. (4) Fed president says $600 billion of QE lowered jobless rate by just 0.25 ppt! (5) The government is here to help. (6) Beckett’s absurd drama is our script. (7) US is under review. (8) Industrial commodity prices drifting lower. (9) China getting less bang per yuan of borrowing. (10) Earnings and margins rising in China. (11) Europe has hit bottom, and struggling to recover. (12) Output remains flat in most EMs. (13) Focusing on overweight-rated fun-related stocks.