Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville
/ FT
US: Stocks Pop And Credit Markets
Drop – ZH
EUROPE
Elimination of current account deficits masks changes in composition of
capital flows
ECB’s Draghi Hits German Airwaves to Defend
Bond-Buying Program – WSJ
ECB President Mario
Draghi has made great efforts to stress that the ECB is not the Federal
Reserve. But when the chips are down, he seems perfectly willing to borrow from
Ben Bernanke's communications playbook and go on TV.
FROM
THE PAST
Making eurozonians, or not – alphaville
/ FT
All the chart does is
track how ‘different’ countries are from each other in a range of monetary
unions which never existed, or are long dead, compared to the eurozone.
‘Different’ means scores on a hundred or so factors taken from the World
Economic Forum’s Global Competitiveness Index, from GDP per capita to judicial
independence to available airline seat kilometres. The result speaks for
itself.
Just about anything makes more sense than the
euro zone – The
Washington Post
JP Morgan’s note – Dropbox
(pdf)
UNITED STATES
Fed’s Bullard: Weak Inflation May Argue For
More Stimulus – WSJ
Bullard Holds His Ground – Tim
Duy’s Fed Watch
Bullard remains
focused on inflation. If his colleagues were to join him, they would stop
pointing us toward cutting asset purchases in the next few months.
The third rail – Free
exchange / The Economist
The thrust of Mr
Bullard's argument here is pretty straightforward. The Fed is seeking
(ostensibly) to maximise employment subject to an inflation constraint. If the
inflation constraint looks less binding, then whatever policies were previously
being used in pursuit of maximum employment should be deployed more
aggressively
Default Risk for Major US Banks and Brokers – Bespoke
OTHER
The 4 Charts Your Friendly Equity Hedge Fund
Manager Does Not Want You To See
– ZH