I honestly can't remember the last properly rainy day we've had here. It was probably in January after the last of the decent snows in Geneva, but today we're seeing it in Italy. My Pinarello looked sad propped up without its front wheel in the back of the car.
I took the support group 80k's along the coast to the Cinque Terre for a light seafood lunch. The rain stopped long enough for us to find a modern glass walled restaurant with a funky wine list. That type of establishment is still fairly rare in Italy outside of the big cities. I mean I don't always want fully authentic ... I like modern interpretations of things. Seafood restaurants shouldn't have nets on the ceilings, plastic star fish and pictures of the 1974 Inter Milan squad.
The Fed is no longer the underwriter of the markets. At least that much is true from what I can tell from the minutes released yesterday. There no longer is enough support for radical policy that I am sure Bernanke would like to push. The oil price reacted first shedding a few dollars and I suspect commodities in general will be next. Look for the mining skewed FTSE to now fall back with or without BoE QE.