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This past week was eventful. On the inflation front, both Europe and the U.S. had worse than expected news. On the political front, republican candidate Trump was convicted of 34 counts of felony crimes related to missuse of funds, and on the macro/credit front, France credit rating was downgraded by S&P on the fact that Macron government is spending more than expected and permitted by the Maastricht treaty. On US soil the treasury issuance was executed and it was worse than expected. And in Japan the Yen is trading back at 157 against the US dollar again. You would expect those news to move the market or at least an increase in volatility. Au Contraire: the VIX fell to 12 handle, currencies volatility continues to be stable enough so that, as you can see below, is prompting carry trades, another sign of complacency by investors. There continues to be numbness to negative news.

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