I wrote last FSR that we might see a summer snoozer this week, but that was wrong. In fact, we had some zippy moves on the back of both macroeconomic and geopolitical newsflow. I will start with geopolitics. The longer you are in the business of financial markets, the less sensitive you become to geopolitical news because most of it is noise that creates temporary risk premium and then a reversal of that risk premium. For example, Iran started its nuclear program in the late 1990s and the world became aware of it in 2002. Since then, there have been countless conflagrations, accusations, and disputations around the ... (full story)