Initial Guidance | 12 May 2016

● US mortgage applications up just 0.4%, despite rates near 3-yr lows | CNBC
● US Budget Deficit Expanded in April | WSJ
● UK’s looming ‘Brexit’ vote is causing global shivers | USA Today
● The Fed Made the Poor Poorer via tight policy | Narayana Kocherlakota (Bbg)
● Gold Fund Buying Frenzy Spurs Demand to 2nd-Highest Ever | Bloomberg
● Majority of Brazil’s Senate to vote for Rousseff impeachment | Reuters