August 16, 2013

Guess what comes next in the numbered sequence: 30.0%, 60.0%, 66.666%? If you said 71.4%, or 2/5, which just happens to be Larry Summers’ latest Fed Chairmanship odds according to Paddy Power, you are correct. Janet Yellen, who was once a 1/3 favorite has now plunged to just 7/4 or about 30% odds. And while Bill Gross’ tweet certainly moved the market, perhaps a far greater concern to longs everywhere (of both bonds and stocks) is the realization that with every passing day Larry Summers gets closer to becoming the next Fed chairman.

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