Macro Man on the market torpor. Muddled monetary policy in India. How to make mere regulatory arbitrage look old hat. "Who will control the view of the market that you see?" The rise of the Tesla Motors love story. Moody's revised its Aaa rating for the United States to stable from negative. The US budget deficits have been declining and are expected to continue to decline over the next few years. Furthermore, the growth of the US economy, which, while moderate, is currently progressing at a faster rate compared with several Aaa peers and has demonstrated a degree of resilience to major reductions in the growth of government spending..." (Moody's statement) Microsoft miss: A $900m charge related to poor sales of the company's Surface tablet and adjusted profits of 66 cents per share, some way below expectations of 75 cents, sent Microsoft shares down more than 5 per cent in after-market trading (Financial Times, Reuters, Bloomberg). And a Google miss: Earnings per share of $9.54 were more than a dollar below expectations. Advertising "cost per click" also fell more than expected, its 6 per cent drop a fresh sign of Google's troubles adapting to ads on mobile devices (Financial Times, Reuters). Detroit became the largest US city to file for bankruptcy. The Chapter 9 filing came amid continued lack of progress in agreeing a restructuring of $11bn of the city's $18bn liabilities (Financial Times). In a letter approving the filing, Michigan Governor Rick Snyder said: "it is clear that the financial emergency in Detroit cannot be successfully addressed outside of such a filing, and it is the only reasonable alternative that is available" (Reuters). Dell delayed its shareholder vote on going private to July 24 (Wall Street Journal).