Calculated Risk says all eyes are on Europe, but "US data was weak again":
US data was weak again. Retail sales and industrial production declined, consumer sentiment was down, and initial weekly unemployment claims increased. And the NY Fed manufacturing survey showed slow expansion in June. However inflation appears to be falling and this increases the possibility of further Fed policy accommodation at the FOMC meeting next week.
Wouldn't it have been nice if monetary and fiscal policy authorities had insured against problems back when it could have done some good (the "wait and see" approach puts policymakers far behind events given the lags in the effects of policy changes)? I can dream, can't I?