Bank earnings, rising mortgage rates, what strategists say about the selloff, and "dangerous undercurrents" in the global system

I am going to start putting the weekday newsletter into sections to create a flow between news items. I have six sections in todays's newsletter: markets, macro, micro, the US, the UK, and China. So there's a lot of news flow, most of it negative unfortunately. The key piece in the mix of all of this is the 4.2% update to the GDPNow tracker. That tells …