As the world awaits the perfunctory Greek vote, stocks rejoiced in anticipation throughout the day.
We should not lose sight of the fact that the Greek austerity measures will not be in isolation. Similar growth-deflating measures are being planned for Harrisburg, Pa., the state of Illinois and Washington, D.C.
Thursday's trading day will contain a lot of important economic releases: Chicago Fed National Activity Index, initial jobless claims, Bloomberg Consumer Comfort Index and new-home sales.
The yield on the 10-year U.S. note is now at 3%.
The Misery Index has hit a 28-year high.
Dr. Arthur Okun, an economics adviser to President Lyndon Johnson, created the Misery Index in the 1960s.
The Misery Index is the unemployment rate added to the inflation rate. The assumption is that both a higher rate of unemployment and a higher reading in the inflation rate create economic and social costs for a country and a rise in the Misery Index.
The screwflation of the middle class (stagnating wages and higher inflation) caused by public and private (corporate) policy, globalization and technological innovation continues to be among the most important and challenging nontraditional headwinds to domestic economic growth.