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By Tyler Durden

On Tuesday, embattled Brazilian President Dilma Rousseff was dealt a bitter blow when PMDB – the party of VP Michel Temer and House Speaker Eduardo Cunha –

A deep, permanent, structural fiscal adjustment remains front-and-center on the policy agenda to restore both domestic and external balance. In our assessment, at the end of the fiscal consolidation process Brazil needs to end up with a primary surplus of 3.0% to 3.5% of GDP. This would be the level of primary surplus that would put gross public debt on a clear declining trajectory, something that is required forBrazil to rebuild fiscal buffers and regain room to use fiscal policy counter-cyclically, whenever needed and appropriate.

Ultimately, a weaker BRL and a deep structural fiscal adjustment are key pillars to restore domestic (i.e., lower inflation) and external balance (i.e., to promote and consolidate the adjustment of the current account). However, given the very modest scope and slow pace of fiscal consolidation, and its far-from-ideal quality, the burden of current account adjustment will likely continue to fall disproportionately on monetary policy and the BRL.

Now obviously, there’s a long, long way to go for Brazil to get back to primary surplus at all, let alone push the black ink up to 3% of GDP. The idea that this is going to turn around the second Rousseff leaves the Presidential palace is laughable at best. And speaking of laughable, have a look at this rather amusing bit from Citi:

• Rousseff impeachment won’t sustain Brazil rally
• As the likelihood of President Dilma Rousseff’s impeachment increases “investors will take a step back.
• “It might be the case of buying the rumor and selling the fact.”

In other words: investors might suddenly wake up to the fact that an intractable political crisis is most assuredly not risk positive.

Meanwhile, Rousseff is back on the tape likening the impeachment proceedings to a coup. “Presidents must be chosen in free elections,” she proclaimed on Wednesday. Countdown to impeachment: around 45 days.

Finally, it’s worth noting that according to the latest figures, NBC has sold $1 billion in national ads for the Summer Olympics in Rio. “We’ve surpassed the $1 billion mark four months ahead of (the 2012 Summer Games in) London,” Seth Winter, NBC Sports’ executive vice president of advertising sales, said in a statement.

$1 billion. That’s a lot of refunds, Seth.

…read more

Source: Brazil Posts Largest Budget Deficit Ever As Rousseff Cries "Coup," Olympic Ad Sales Top $1 Billion

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Chipotle is considering launching a new chain of restaurants called Better Burger.

…read more

Source: Chipotle files to trademark Better Burger restaurant name

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By Tyler Durden

One week ago,

Humiliated by the experience, Microsoft explained what happened last Wednesday:

“The AI chatbot Tay is a machine learning project, designed for human engagement. It is as much a social and cultural experiment, as it is technical. Unfortunately, within the first 24 hours of coming online, we became aware of a coordinated effort by some users to abuse Tay’s commenting skills to have Tay respond in inappropriate ways. As a result, we have taken Tay offline and are making adjustments.”

Then this morning, Tay was once again (accidentally) activated, and the result was the same.

As Guardian report, Microsoft’s repeat attempt to “converse with millennials using an artificial intelligence bot plugged into Twitter made a short-lived return on Wednesday, before bowing out again in some sort of meltdown.”

The learning experiment, which as noted last week got a crash-course in racism, Holocaust denial and sexism courtesy of Twitter users, was switched back on overnight and appeared to be operating in a more sensible fashion.

Microsoft had previously gone through the bot’s tweets and removed the most offensive and vowed only to bring the experiment back online if the company’s engineers could “better anticipate malicious intent that conflicts with our principles and values.”

That said, we can only hope that tweets such as the following do not reflect Microsoft’s principles and values. One tweet, sent to an account called Y0urDrugDealer, among others, read: “kush! [I’m smoking kush infront the police]”.

Microsoft’s sexist racist Twitter bot @TayandYou is BACK in fine form pic.twitter.com/nbc69x3LEd

— Josh Butler (@JoshButler) March 30, 2016

In a follow up tweet, Tay asked another Twitter user: “puff puff pass?”.

At that point, instead of devolving into a second sociopathic round, the A.I. simply broke, and started tweeting out of control, spamming its more than 210,000 followers with the same tweet, saying: “You are too fast, please take a rest …” over and over.

I guess they turned @TayandYou back on… it’s having some kind of meltdown. pic.twitter.com/9jerKrdjft

— Michael Oman-Reagan (@OmanReagan) March 30, 2016

At this point, a doubly humiliated Microsoft decided to make Tay’s Twitter profile private, preventing anyone from seeing the tweets, basically taking it offline again.

The company then told Reuters that Tay’s Twitter account was accidentally turned back on while the company was fixing the problems that came to light last week.

“Tay remains offline while we make adjustments,” a Microsoft representative said in an email. “As part of testing, she was inadvertently activated on Twitter for a brief period of time.”

In other words, instead of owning up to the compounding glitches in “Tay’s” increasingly more artificial intelligence, Microsoft is now alleging that it was the reactivation that was made in error.

As we concluded one week ago, “we are confident we’ll …read more

Source: Microsoft’s Racist, Obama-Bashing, Sociopathic Chat Robot Returns, Becomes A Spamming Stoner, Is Taken Offline

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By Tyler Durden

“Just one more wafer-thin mint of monetary-easing?”

Before we start, a reminder…

This was the greatest quarterly comeback in the history of stocks…

Because fundamentals…

So with that said, stocks remain the big winner post-Yellen as all the gains for bonds, bullion, and black gold are erased…

Small Caps are the biggest (Short-Squeeze) winners post-Yellen…

S&P Futs saw VWAP buying orders at the open but selling pressure built…

As VIX was crushed…extending its drop post-Yellen…

To its lowest close since August 17th 2015 (right before the China collapse)…

30Y bond yields recoupled with stocks post-Yellen BUT FX Carry remains notably untied…

Treasury yields were very mixed with a major underpeformance at the long-end (2Y -3bps, 30Y +5bps) – biggest 2-day steepening of 2s30s in 4 months

5s30s spiked to its 200-day moving average…

The USDollar Index dropped for the 3rd day in a row, back near 5-month lows…

Despite US Dollar weakness, commodities all ended lower on the day (with gold and silver clinging to gains on the week)…

One look at the crude price action and you know that NOTHING matters aside from the algos… This is crude's 6th losing day in a row – the longest losing streak since mid-January

Charts: Bloomberg

Bonus Chart: The Fed shows that it's hard to understand anything when your job depends on ignoring it…

*EVANS SAYS IT'S HARD TO IDENTIFY ASSET PRICE BUBBLES (yeah, right!) pic.twitter.com/bQCMbdNmef

— Tim Backshall (@credittrader) March 30, 2016

…read more

Source: Bonds, Bullion, & Black Gold Bidless But Stock-Bounce Sticks

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Sixteen conservative female commentators signed a letter demanding that Donald Trump fire his campaign manager Corey Lewandowski. Lewandowski was charged with simple assault for yanking the arm of a female reporter.

…read more

Source: They want Trump to fire his campaign manager

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By Tyler Durden

We’ve spent quite a lot of time documenting the inexorable rise in housing prices across some of the world’s red hot markets.

Take Vancouver, for instance, where

Or how about London, where things are so out of control that it will cost you £500 to live under someone’s stairs:

Then there’s San Francisco, where the median home price is now well over $1 million. Indeed, as we noted just yesterday, San Francisco home prices rose 10.5% in January and, along with properties in Seattle and Portland, have now surpassed their housing bubble highs:

And when last we checked in on Silicon Valley, a tent in someone’s backyard goes for $46 a night (you get an extension cord, one shower a day, and wi-fi).

But if you aren’t the camping type, there’s another option: you can always build yourself a wooden box and put it in someone’s living room. “The median rent for a one bedroom apartment in San Francisco is a stunning $3,670 a month, and a bedroom in a shared apartment will set you back at least $1,500 for a decent location on the peninsula,” Gizmodo writes, on the way to recounting the story of Peter Berkowitz, a 25-year-old illustrator who devised an innovative way to save on rent in the Bay Area’s lunatic market. Here’s more:

Peter Berkowitz is my new favorite guy. The 25-year-old illustrator recently moved to San Francisco and instead of settling for some landlord’s price-gouging, he found some other cool kids who let him build a box in their living room. Peter’s rent is just $400 a month.

This box-in-the-living room idea, now that’s something I can get behind. You’re lucky to have any space at all to yourself in San Francisco’s housing shortage, but it’s damn near impossible to find such a cozy little sleep pod like this. Peter built the thing with his bare hands for only $1,300 and even included a little window and some fairy lights so that it feels less like coffin and more like a magical escape from the dystopia that is the city by the bay. It’s eight feet by 3.5 feet (a little longer and wider than a coffin). The real perk though is that it’s 4.5 feet tall (much taller than a coffin). And look, there’s a cute little shelf for his MacBook.

One time I lived in a closet in London for £250 a month, roughly the same as what Peter’s paying for his box. I was able to stand up straight in my closet, but I was not able to stretch my arms out in both directions. It was no problem, though, because I was broke as hell and got to use the living room from time-to-time. I even had …read more

Source: Meanwhile In San Francisco – $400/Month To Live In A Box In Someone’s Living Room

    

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