with the preface it�s convenient to have a weak currency at the back of your exporters, two simple observations … by definition, both in the context of local FX: (1) as European power and gas prices push to awfully high levels, I�m dumbstruck that SX5E has barely underperformed S&P YTD; (2) don�t look now, but NKY has just gone positive on the year and enjoys the G 10�s easiest financial conditions.   

from Mike Cahill in GIR: NFIB asks small businesses what is their single most important problem.  67% of firms answered something having to do with an overheated economy — inflation (37%), quality of labor (21%) or cost of labor (9%).  by contrast, only 4% report that their biggest problem is poor sales — essentially a cyclical low:
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