Fed Policy Made In China?

(1) Fed giving more weight to global economy. (2) The chair’s speech. (3) Her two other concerns are China and commodity prices. (4) Post-recovery global expansion weaker this time than last time. (5) Global manufacturing still has a pulse according to M-PMI measures. (6) Yellen’s other dashboard has oil prices on it and earnings expectations. (7) Saudi Arabia would like to freeze Iran. (8) Does the business cycle drive the profits cycle or the other way around? (9) Earnings Squiggles showing falling annual earnings expectations, but forward earnings flat at record high. (10) Lots of negative earnings revisions around the world. (11) Bullish, but not wildly so.