Geopolitically there is a lot of disruption with Russian’s decision yesterday to cut off gas supplies and building tensions in Iraq; however markets are not reflecting the rise as safe havens, like gold and JPY, retrace today; and volatility measures like the VIX remain subdued. Yesterday’s decision by the IMF to bring down its 2014 U.S. GDP estimate to 2.0% brings it closer to market consensus of 2.2%.
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