Between the market reaction to incessant Fedspeak…

…and the Tiny Tim-ish Christmas miracle we all experienced on Tuesday night when Donald Trump proved he could read off a teleprompter…

70 year old Reality TV Narcissist reads off teleprompter & people think a Christmas Carol miracle has occurred

— Nicola Duke (@NicTrades) March 1, 2017

… it’s easy to forget that France is on the verge of descending into nationalist hell. 

So lest it should slip your mind that for every “success” Trump has, the odds of a French electoral “accident” increase, consider once again the disconnect between asset prices and policy uncertainty in Paris as illustrated here by HY spreads versus the EPU:

(BofAML with Heisenberg’s big red additions)