Good morning.The big question: has the market overreacted to Fed, or is this what they wanted to achieve?
http://online.wsj.com/article/SB10001424127887323998604578567883977072840.html

…and the other big question: will it affect US housing mich…? Some point towards affordability…


http://ftalphaville.ft.com/2013/06/26/1548782/rates-and-the-us-housing-market/

…some look at the investment case (as a main driver behind the housing recovery has been from investors so far)

http://www.calculatedriskblog.com/2013/06/house-prices-and-mortgage-rates.html

A small step towards a European banking union? “ European Union reaches deal on failed banks”

http://www.ft.com/intl/cms/s/0/9d667e18-debb-11e2-b990-00144feab7de.html
http://www.reuters.com/article/2013/06/27/us-eu-banks-idUSBRE95Q02L20130627

The IMF has published a study on the impact of corporate deleveraging in the Euro periphery. Might be interesting…

http://www.imf.org/external/pubs/ft/wp/2013/wp13154.pdf

Gold is getting too cheap for certain mines to still be operational, apparently…

http://www.zerohedge.com/news/2013-06-26/gold-drops-below-its-average-cash-cost

One advantage of the stock market correction: they are getting cheaper…

http://www.bespokeinvest.com/thinkbig/2013/6/26/sp-500-sector-pe-ratios.html

Always interesting to browse through: the Financial Stability Report by the Bank of England

http://www.bankofengland.co.uk/publications/Documents/fsr/2013/fsrfull1306.pdf

Specially for Brazil: “Let them eat soccer!”
http://www.nytimes.com/2013/06/26/opinion/let-them-eat-soccer.html

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