Summary

• U.S. 10-year yield wider on the week and pushed toward 3 percent. GDP data good but below whispers
• Turkey 10-year rates out 72 bps as concerns over lack of liquidity, indie monetary policy, and Trump threats
• Some decent tightening in U.S. corporate credit spreads
• Italy sovereign spread out 12 bps
• Japan 10-year JGB yield doubles on spec BoJ policy in for some changes
• China RMB 2 percent weaker
• EM currencies continue July bounce
• Decent week for global stocks, led by Argentina’ continued recovery
• Nasdaq hammered on Facebook swan dive and FANG sell-off
• Russell down 2 percent on the week
• Lumber continues in a bear market
• Saudi and Qatar only country ETFs with double-digit returns

Commentary:   None.  Prepare for dog days of August,  no liquidity, and typically an ugly month for equity returns.

Inflation Cometh (to the Beige Book)

Big JGB Yield Move

US GDP Release 

Foreigners Sell Record Italian Bonds

August Performance For S&P500