The Panama Papers — a huge data dump of off-shore shell companies used by the ultra rich and infamous to escape taxes — appears to be a problem for everyone but the US.
I say that because the Panamanian law firm at the center of the scandal, Mossack Fonseca, appears to be focused on clients in South America, Europe and Russia.
Understanding it is still early in the release of information and the International Consortium of Investigative Journalists, which is combing through the huge 2.6 terabytes of data has not as of yet fingered any high-profile Americans.
Yes the firm used secretive banking laws in Nevada and Wyoming, but only to hide international money.
No doubt some world leaders will be prosecuted and lose their positions over this scandal, but like the Swiss banking scandal, its something everyone knew occurred to hide assets away from the tax man, this just codified one of the schemes.
The float up in US equities continues, despite weaker commodities. The dollar play appears to be ruling the day now that the Fed appears to be sidelined.
Of course we will get a statement or two on how April meeting is still in play.
I believe the Fed — which is only using the S&P 500 index as its leading economic indicator — is managing the asset bubble through these mixed messages.