Reminiscent of the “QE Trade”, stocks and bonds are surging and the USD dumping this morning as yet more terrible data spurs ‘hope’ that The Fed will stay lower-er for longer-er and lose all credibility for good. The Dow is now 350 points off Friday’s lows (even as oil collapses) on nothing but disastrous data and Treasury yields are 5-6bps lower than the late Friday pop highs. The USDollar is down an impressive 0.75% since Friday as Crude hovers just above a $42 handle.