Venezuela bond prices have spiked higher on expectations of new investment, debt restructuring, and the monetisation of its oil resources. But how likely is it the nation can be reformed, attract new money, and satisfy the population while the old regime remains in place, and Washington demands to be paid?

What is the Fed really thinking? They will probably er on the side of lower rates to avoid recession, running the risk of entrenched wage growth. Soft landings are the stuff of myth! How it effects the global economy is critical.