I can’t forward Joan McCullough’s notes to you very often as she charges her clients a princely sum, but she lets me share her musings every now and then. Some of you might be able to get your firms to put her into the research budget.

Anyway, she gives us two notable points, one having to do with the currency battle that we are in as everyone tries to export their deflation, and the other concerning the godawful Producer Price Index yesterday, which went into outright deflation, even ex food and energy – all across the board. She has a link to the PPI, and it is worth looking through. Even though rates are stupid low, it is going to be hard to find the nerve in that room full of doves to do anything about them.