The past 24 hours have been a whirlwind of Central bank meetings( NZ,FED,BOJ and Brazil) and release of top Tier data.US GDP missd on headline number but PCE core on aquarterly basis was highest in 4 years.This is an attention getter for the  tresuries. Personal consumption was also better than consensus (down from last Q) indicating the consumer is still propping up the US economy but not at the same pace as last Quarter.Germany out with CPI numbers and they were in line to weak.On a  M/M comparison they  were lower as the headline numbers came in below Zero.

So is it a risk on move? I say  no because if it was the precious metals would not be bid as aggressive as they are.Multi month highs in Silver and  platinum today and Gold trying to break out of a sideways pattern(1273-74 break would do it).See this with firmer stocks and oil makes me believe it is a Reflation trade  and not a Risk On. Fed hinted yesterday at Worries about Growth and Downplayed any worries about Inflation due to no mention of Current strength in oil, steel etc.We know the fed will let inflation run hotter  as they want the recovery to take hold  before raising rates. One other thought out there is that the Fed is worried about Global Deflation   and doesn’t want to raise rates until global inflation moves higher.(per IFR news).Reflate the  commodities  is the focus for trade again today.

The Facebook has saved the tech sector  for now. Earnings were stellar,stock was up some 11%  before Some profit taking set in.facebook well on way to replace as the tech benchmark.