This is today’s King Report. Pay attention to the first two items. The BIS report is a BIG DEAL. Will it increase pressure to raise rates? I am still going through it, but the emphasis on productivity buried in it is almost Hayekian…

(My friend Bill King brings out this report every day, and it is a quick way to get a handle on the news. He seemingly reads everything, and you get some jewels in there now and then.)