Today we kick off Camp Kotok Week here in Over My Shoulder. I'll feature pieces all week by my fellow economists/analysts/fishing buddies.

Let's lead off with Peter Boockvar, who I spent a great deal of time with while we were in Maine last week. Peter is one of my go-to guys when I am looking for analysis of data as to how it impacts the macro picture. He is deep in the weeds on almost everything. Peter runs submissions like the one I'm attaching to you 2 to 3 times a day.

I am sending this one to you because of what he writes in the last paragraph about Kazumasa Iwata, who may take over as head of the BOJ later this year. The point is that Iwata-san gave an interview to Reuters yesterday, talking about how the BOJ should potentially reduce its QE. And one of the important takeaways that I came back from Camp Kotok with is that the real thing we should be watching is the total amount of quantitative easing and potential tightening from all of the major central banks, not just the Fed. One of the things that all of us assumed at the camp was that, in general, if the BOJ did anything, it would likely be slow and deliberate, not a radical reduction like Iwata is now suggesting. Attention must be paid…