Macro Morning

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UBS: Australia facing 10% GDP wipeout, Depression

By Chris Becker 

Last night saw the Federal Reserve take the QE infinity sword out of the sheath, but it was like limp lettuce to risk markets with only a slight fall in USD as bond yields continued to fall to record lows. Wall Street was down 5% at one point as Congress (remember its the opposite of “progress”) was unable to pass a stimulus package, still held in thrall by corporate overlords wanting bailouts instead of providing assistance to the vast numbers of unemployed coming down the pike…

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