Doug Noland

Doug Noland’s Credit Bubble Bulletin: Monkey with Money at Your Own Peril

With markets on the rather quiet side, I awoke Friday anticipating a more theoretical focus for this week’s CBB. But then May’s surprisingly dismal jobs report – 38,000 seasonally-adjusted jobs versus consensus expectations of 158,000 – threw the markets for a loop. Bond yields sank – at home and abroad. Currency markets went haywire, with the Japanese yen surging 2% versus the dollar. The U.S. dollar index ended Friday’s session down 1.75%, its biggest one-day decline since December.