CHART OF THE DAY: Uh-Oh, The U.S. Should Have Seen A Huge Rebound In Employment By Now - Vincent Fernando, CFA and Kamelia Angelova - Clusterstock at Business Insider

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“Extended Period?” - Bob Eisenbeis -  How Long Is an “Extended Period of Time?” - The Federal Open Market Committee minutes from its April meeting provide an interesting window into the Committee’s current thinking about both its exit strategy and tactics to get back to a more normal policy environment.  Parsing these minutes also reveals that “extended period of time” has just become longer than many have been expecting – likely well into next year or even beyond.  What is it that drives this conclusion? - Cumberland Advisors

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The Case for a Fed Rate Hike - By John Mauldin - Thoughts From The Frontline
Employment Is Turning the Corner
The Headwinds of Money Supply
Who Stole the Inflation?
The Fed Is On Hold
An Inverted Yield Curve?
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Federal Debt As A Percent Of GDP -- By President! - Barry Ritholtz - Money Game at Business Insider 

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There's A Bubble In Bubbles - Sean Dougherty - And it's got to stop. - Forbes

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+ 
Private Sector Pay Hits Historic Lows - In the past I have looked at private versus public salaries to get a sense for how private workers are subsidizing government workers.  From a different lens, USA Today released its own study which shows that private sector pay has shrunk to the smallest share of personal income in US history, while government handouts from social security, unemployment insurance, food stamps, etc has risen to a record high - Surly Trader

and
Government's Role in Personal Income Reaches All-Time High  -TraderMark - thanks Palmer Heenan - Seeking Alpha 

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Orders for Durable Goods Reach 19-Mo. High - Mark Perry - Carpe Diem Blog

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PIMCO's June 2010 Investment Outlook, "Three Will Get You Two (or) Two Will Get You Three" by Bill Gross, is now available at PIMCO