Thundering metaphors: Michael Hartnett and team at BofAML have passed on commentary and metaphors aplenty. GDP and GDI, two sides of the same inevitably-flawed coin: A couple of years ago, we did a long Q&A with Fed staff economist Jeremy Nalewaik about his work on the differences between Gross Domestic Product and Gross Domestic Income. Cardiff's post has much more. My big fat interbank reference rate: Joseph spotted a bracing proposal in an IMF working paper for the race to choose one rate, among several out there, to replace discredited old Libor... The basic idea seems to be not just to set the new benchmark off actual trades, as with many of the options for replacing Libor's survey of banks, but to do it in crushing numbers. Delayed Bumi results reveal $2.4bn loss: The results, which were delayed following the suspension of the company's shares, also revealed the company had discovered $200m of spending with "no clear business purpose." (Bloomberg) (Reuters) Apple hiked prices of iPads and iPods in Japan on Friday, becoming the latest and highest-profile brand to join a growing list of foreign firms asking Japanese consumers to pay more as a weakening yen squeezes income. IMF gives qualified thumbs up to Abenomics (IMF review) Record joblessness, low inflation show euro zone's pain: Joblessness in the 17-nation currency area rose to 12.2 percent in April, Eurostat said on Friday, marking a new record since the EU's statistics office started collecting data on the countries in 1995. With the euro zone also in its longest ever recession since its creation in 1999, consumer price inflation was far below the ECB's 2 percent target in May, although it ticked up to 1.4 percent from 1.2 percent in April. India records slowest growth in a decade: India's economy grew at 5 per cent in the financial year to March, the slowest rate in a decade of rapid expansion, the Central Statistics Office said on Friday. (Financial Times) Charts from BNP Paribas" Richard Iley: The UK coalition will announce £15bn of extra spending for future major infrastructure projects next month, in a move designed to stimulate the economy and challenge Labour to outline its own plans to revive growth. Lloyds sells US mortgage portfolio for £3.3bn: Lloyds Banking Group has further accelerated its strategy of disposals by selling off a book of securities backed by US home loans for £3.3bn. Markets: Markets are finishing a volatile week and record-breaking month in cautious mood as investor focus remains fixed on the impact and trajectory of central bank support programmes. Across asset classes there is a mild "risk off" trend, with 10-year Treasury yields down 2 basis points to 2.1 per cent, growth-focused currencies such as the Australian dollar easing back, while gold is consolidating above the $1,400 an ounce level, up $4 to $1,417 an ounce. The FTSE All-World equity index is down 0.2 per cent after the Asia-Pacific index excluding Japan fell 0.4 per cent and as the FTSE Eurofirst 300 opens with a drop of 0.2 per cent. US index futures suggest Wall Street's S&P 500, which last week hit a record close of 1,669, will slip 1 point to 1,653 when the starting bell rings later in the day. The Nikkei closed up 1.4 per cent writes the FT's Global Markets cardinal Jamie Chisholm.