Markets Undeserved rehabilitation

Forgiveness is wonderful. But if it is granted too soon, miscreants tend to go back to their wicked ways. Markets risk giving some parts of the financial system just such a premature pardon. While the economic arrows are still mostly pointing downward, markets seem to be twisting the data in a positive direction. A few numbers suggest that a little bit of the exuberance of the go-go credit years could be returning. The US trade deficit rose to $28bn in March, from $26bn in February. The March ...