–$/yen breakout yesterday with further gains this morning, now nearing 108 from 109.70 yesterday.  Precious metals also seeing a bounce this morning.  After a strong close yesterday, equities are pulling back, and treasuries are modestly bid.  Today’s news includes Jobless Claims expected 272k and Consumer Credit late in the afternoon.  January data showed a surprising decrease in revolving credit, and a deceleration in non-revolving as well.  Skimming through the last report it’s an interesting side note that new car loans extended one month per year over the last five, from 61 months in 2011 to 65 months in 2015.  By the end of 2015, the amount financed had risen to $28k.  
–Crude oil posted a strong rally yesterday on the decline in DOE inventory levels, up 186 late to $37.75.  However, that’s still over $4 lower than late March and the market is little changed this morning.  High yield has mirrored the rally in crude, but may have run its course as financial shares in the US (and more so in Europe), have been badly lagging.
–Fed’s minutes were uneventful.   Rates edged slightly higher across the curve, with the ten year yield up 2.4 bps to 175.1.  Just prior to the minutes, there was a buyer of 20k 0EU 9875/9850/9825p fly for 3.0, settled there vs 9902.5.  Reasonable trade for a turn to more bearish sentiment.