*** The Big Picture: There’s Something Happening Here . . . ***
*** Institutional Investor: Soros Shows How Hard It Is For Hedge Fund Managers To Retire ***
*** FT Alphaville: What’s inside Pandora’s box? ***
*** FT Alphaville: Cyprus SOS ***
*** FT Alphaville: Cleary Gottlieb’s new client ***
*** Macro Man: Run away! ***
*** The Slope Of Hope: Reid Between the Lines ***
*** The Slope Of Hope: IPO Zillow Down 50% in Nine Days ***
*** The Economist: Word herd ***

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U.S. personal income rose 0.1% in June vs. 0.2% consensus and 0.2% rise in May (revised down 0.1%). On y-o-y level personal income is up 5.0%.
U.S. consumer spending fell 0.2% in June vs. 0.1% consensus and 0.1% May reading (revised up 0.1%). On y-o-y level consumer spending is up 4.4%.

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