The last week brought worldwide gyrations as bond and stock markets alike went down.
What has changed? What has not changed?
The biggest economy in the world, the United States, is still moving forward in a steady upward progression. The news out of the emerging countries is mixed as China, the largest developing economy, has shown more signs of weakness, but not recession. And in Europe, already mired in recession, the news has been better, with higher manufacturing indications from Germany and somewhat better confidence numbers in the smaller countries. None of this is earth shaking or fundamentally different than what we have been witnessing.