The Big Picture

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• Lessons Learned From the Federal Reserve’s Supervision of JPMorgan Chase
• A Few Words with Trish Reagan
• NFIB points to upward pressure on wages
• Where Apple’s Money Comes From
• 10 Wednesday AM Reads

Lessons Learned From the Federal Reserve’s Supervision of JPMorgan Chase Posted: 15 Jan 2015 02:00 AM PST

A Few Words with Trish Reagan Posted: 14 Jan 2015 05:00 PM PST Bill Gross said he was fired from Pimco, the first time he's publicly confirmed that he was dismissed from the firm he co-founded in 1971

NFIB points to upward pressure on wages Posted: 14 Jan 2015 09:00 AM PST From Torsten Slok, Deutsche Bank: The next ECI will be released on Jan 30 and the NFIB data that just came out points to more upward pressure, see chart below. Also, remember that the wage data used in the Fed's FRBUS model of the US economy is the employment cost index and not average hourly earnings. Source: Torsten Slok, Deutsche Bank

Where Apple’s Money Comes From Posted: 14 Jan 2015 06:00 AM PST Source: Business Insider

10 Wednesday AM Reads Posted: 14 Jan 2015 04:00 AM PST Welcome to hump day, following an ugly inta-day reversal yesterday. Future look soft, as we seem to be taking directions from Europe. Oh, and our morning train reads: • What's Behind the Drop in Oil Prices? Simple Economics (NYT) • Job Openings Rise Near 14-Year High In November (Real Time Economics) see also Three Signs Pointing to Bigger Raises in 2015 (Upshot) • The Most (Not) Hated Bull Market (Meb Faber) • Private Equity's Soaring Valuations, Rampant Deal-Making (CIO) • Euro Slumps to 9-Year Low Against Dollar on ECB Easing Expectations (WSJ) see also Yield on Five-Year Japanese Government Bond Falls to Zero (WSJ) Continues here

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