Good morning. Yesterday’s drop of the Shanghai Composite was not the biggest single day drop on record…
http://uk.businessinsider.com/china-is-rolling-out-the-verbal-intervention-in-another-desperate-attempt-to-underpin-the-nations-stock-market-2015-7

“Monetary Policy Normalization in the United States”

http://www.ritholtz.com/blog/2015/07/monetary-policy-normalization-in-the-united-states-2/

And whilst on the subject: a bit of reading on reverse repo’s

http://ftalphaville.ft.com/2015/07/27/2133204/rrps-for-life/

When is the next recession?

http://www.businessinsider.com/heres-when-the-next-recession-might-start-2015-7

Interesting chart on US trade partners

http://uk.businessinsider.com/state-and-country-trade-maps-2015-7

From the ECB: “Has underlying inflation reached a turning point?” Not with oil continuing to decline…

http://www.ecb.europa.eu/pub/pdf/other/eb201505_focus04.en.pdf

Perspective on that sell-off in the High Yield market…

http://www.businessinsider.com/a-fire-is-starting-in-the-bond-market-2015-7

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