The one we have all been waiting for. Stolper about to be 9 out of 9 with a 0.000 hit rate. The latest Eurozone PMIs have been better than expected and are now consistent with slightly positive growth. At the same time, Eurozone policymakers continue to make gradual progress on the ESM and Fiscal Compact Treaties. Finally, the Fed has surprised markets with a more long-dated interest rate guidance than expected. In particular the Fed now expects "exceptionally low levels for the federal funds rate at least through late 2014," which is at the margin more dovish than anticipated by the market. All these factors ... (full story)