In this issue of Breakfast with Dave

• While you were sleeping: lingering concerns over the Irish debt issue and heightened military tensions between North and South Korea are undercutting the risk-on trade today

• Setting the record straight … again: the equity market certainly did turn in a surprisingly vigorous rally in the past few months but it would be a mistake to relate this to any real fundamental improvement in the economic backdrop

• Nothing Cavalier in the Cleveland Fed’s price measure: its trimmed-mean CPI series, which removes the volatility in consumer prices, is now just 77bps YoY from dipping below zero

• More evidence on households cutting back on credit

…..read more HERE