I was out of pocket for the greater part of the day. Looking back I am glad as the EUR/USD ran up hard and from the looks failed many micro technicals setups for intra day trading. The ECB cut the rate by only 25bp instead of the expected 50bp. I suppose in the short run, this gives them a bit more “dry powder” cut them again… You have to keep in mind that the rally of EUR likely was fueled by traders making position adjustments due to the ffact they discounted for a 50bp move…

Sen David Schafer’s SB 1 – Zero-Base Budgeting Act has passed the Senate and now sits in the House Rules Committee. It is important that we reach out and contact the members of this committee and urge them to pass this legislation. This needs to be done TODAY as the legislation session ends tomorrow. It will be then be passed out of committee so that the full Legislature can vote on it.

This legislation requires all spending be detailed in a budget and not just for new programs. Under the current system, once new spending programs are approved, they are automatically rolled over into succeeding state budgets under the line item, continuation. In this case, there is little focus on whether or not older programs are still needed.

House Rules Committee

Rep. Earl Ehrhart