For a week or two, the ‘news’ appeared to confirm the ‘hope’; faith that Q1’s dysphoria would emerge phoenix-like into Q2 euphoria as a ‘hibernating’ American public emerging from their weather-shelter and spent-spent-spent all their borrowed-borrowed-borrowed money. That ended last week! Despite the dramatically low volume liftathon in stocks since the FOMC meeting, major risk markets around the world are cracking. European bonds and stocks had a bad week, Treasuries rallied the most in 6 weeks, and the key to it all, USDJPY, slipped to 4 week lows. Why?