Good chance China is now rebuilding euro reserves sold when they panicked over negative rates, qe, etc. In fact, they could now be targeting the euro area for export growth:

This came out this am. Note how construction flattened in the middle of last year when the NY tax incentives expired, and so far there is no sign of a repeat of last year’s growth for this year:

When it comes to downsizing govt, Obama looks to have been the best ever. What more could the Tea Party ask for?