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| Source: FT alphaville |
Bernanke talked - nothing interesting, except the 'surprise' that FED cannot do fiscal policy, so the cliff must be solved. Some sort of peaceful solution in Middle-East looks probable.
Previously on MoreLiver’s:
Roundups and
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
Roundup – A
View From My Screens
Roundup – Kiron
Sarkar / The Big Picture
Tomorrow’s Tape – WSJ
Europe: EURUSD Roundtrips
To Unch As Bonds/Stocks Extend Gains – ZH
US Summary – ZH
Reference
Debt crisis:
live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
Economic
Calendar – Forexpros
EUROPE
Misconstruing Germany Will Prove to Be Death of the Euro – EconoMonitor
Megan Greene:
If Germany doesn’t change its position, the best we can realistically hope for
is that it will continue to pay lip service to eventually establishing an
effective banking union, and that the European Central Bank will pretend to
believe this fiction in order to continue buying euro-area sovereign bonds.
That could keep the wheels on the euro-area project for some time. But it
cannot solve the crisis.
or read the
summary
FRANCE’S DOWNGRADE
French Politicians Play the Blame Game – The
Euro Crisis / WSJ
French Debt Defies Gravity After Moody’s
Downgrade – The
Euro Crisis / WSJ
But one
place the downgrade might have a real and lasting impact is within the Swiss
National Bank. They have a predilection for core eurozone bonds and the
downgrade might just prompt them to ditch what holdings they have and/or stop
loading up on French debt.
UNITED STATES
361 Capital Weekly Research Briefing – The
Reformed Broker
FISCAL
CLIFF
Economists React: The Fiscal Cliff ‘Can’t
Be Fully Avoided’ – WSJ
On Political Brinksmanship And Stock Market
'Vigilantes' – ZH
BofAML: Policymakers
have recently made a habit of creating deadlines, thresholds and cliffs to
force themselves to act. The result has often been severe market volatility
around key decision dates. Markets may be in for yet another bumpy ride as US fiscal cliff and European sovereign
debt negotiations continue. However, one lesson from the recent past is that
market reaction has been an important mechanism to reaching compromise and
forcing action. Unfortunately, history also shows that the equity markets have
to sell off sharply before policy makers listen to the “stock market
vigilantes.”
FED
Strength in numbers? Pros and cons of Fed
policy thresholds –
MacroScope
/ Reuters
Fed’s Lacker Is Skeptical of More Explicit
Policy Thresholds –
WSJ
More
explicitly stating what would prompt a change in monetary policy could risk a
breakdown in the Fed's inflation fighting credibility, a veteran policy maker
said Tuesday.
The Economic Recovery and Economic Policy – FED
Bernanke at
the New York Economic Club 20-Nov
HOUSING
Vital Signs
Chart: Home Builders Feeling Better – WSJ
Analysis:
Housing Recovery Rolling Along – WSJ
Starts and
Completions: Multi-family and Single Family – Calculated
Risk
The Housing
Recovery Rolls On – The
Capital Spectator
Quarterly
Housing Starts by Intent compared to New Home Sales – Calculated
Risk
ASIA
 |
| Women like men with low yield |
Stockmarket
analysts have generally welcomed Mr Abe’s pledge to inflate the economy with
aggressive pump-priming measures, saying it has already cheapened the yen and
boosted share prices. They hope he will do more to stir business activity if
his Liberal Democratic Party (LDP) wins the December 16th election. But they
should consider carefully what they wish for.
Michael
Boskin: Managers, workers, consumers, investors, and governments in every
corner of the world, many reeling from their own economic problems, have a lot
riding on China’s new leadership navigating reform sensibly, now and in years
to come. With the transition almost complete, the world will soon know more
about what to expect.
OTHER
Does the evidence really suggest that the CAD’s best
days are behind it?
Misunderstanding IMF COFER Adjustments – Marc
to Market
CAD and AUD to become reserve currencies?
IN FINNISH
Hajotetaan eduskunta
– Kalle
Isokallio / IL blogit