In this issue

• While you were sleeping: Global equity markets mixed overnight; bonds continue to drift higher; stranger things can happen at this time of the year

• Second take on the latest fiscal stimulus announcement: Upon closer inspection, there was no “new” information in President Obama’s announcement

• It is clear that the U.S. Federal Reserve is targeting the equity market

• End of the V-shaped industrial recovery: We may have some early signs of a peaking-out in industrial activity

• Is the consumer credit contraction over in the U.S.? Hell no!

• Bank of Canada on hold for as far as the eye can see