Back to reality

It’s been a long week. Will they, won’t they – it’s the big storyline in this week’s soap opera live from Capitol Hill. Frankly the thought of a Boehner/Obama clinch is more offputting than a 5% fall in the S&P, but I’m saved from the latter anyway by the fact the the S&P had its second best day of the year so far. Once again we are more haunted by the ghost of Lehman past than we need to be. The real world is still recovering and with the Yellen Fed, policy looks set to remain accommodative. So the focus needs to be on the real world rather than the soap opera, and we get more news on that today as earnings season kicks off… JP Morgan and Wells Fargo report before the open.

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