GM Cans Mid-Size Trucks; Treasury Yields Soar to 7-month High; Airlines Grounded by $9 Billion Loss; Copper Sinks as Dollar Rises; Supreme Court Delays Chrysler Sale; McDonald’s misses estimates; Apple debuts new iPhone

Another Treasury auction today…  Spending habits come back to haunt reps…  Some healing in the currencies…  10 Banks to repay TARP today… And Now… Today’s Pfennig!

Jobs Jamboree results…  A double whack for Treasuries…  The loonie is stealth like…  Oil on the rise…  And Now… Today’s Pfennig!

It’s time to roll up our sleeves, put on our waders and plunge into the inflation-deflation question once again. It’s going to get messy. But it’s probably the most important question to answer for investors right now. That’s because the price direction of almost every asset on the planet depends on these monetary forces.

While the U.S. Federal Reserve’s plan to buy more than $1 trillion in debt has helped unfreeze the credit markets, it has also effectively capped U.S. Treasury yields and undermined the dollar.