Further Multiple Expansion Possible (Horan) – I would not personally rely on expectations of multiple expansion though. 

Economic consequences of income inequality (Michael Pettis) – As a fellow protagonist of the “income inequality is dangerous” argument, this is a worthwhile read. I was interested, in particular, in the historical comments by Marriner Eccles. The backdrop to the great depression may well have been an overvalued stock market, but like now, rising inequality probably had a much bigger part to play than many have alluded to.

Blogs review: Does economic growth have a future in the United States? | Read more at Bruegel – a must read.  IMHO: low growth dynamics are being ignored in market valuation risk assessment.

Fed goes Keynesian, praises China’s fiscal blitz, abjures QE West (technical) & Is the banking system now even more dangerous? Central banks fear so (Telegraph)

[video] Risk assessment is upside down (beyondbrics FT)

The UK electoral cycle is alive and kicking (Bond Vigilantes)

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