Special: German Elections 2013 (updated)
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
Daily Risk Monitor – Global
Macro Monitor
The Closer – alphaville
/ FT
US: Bonds Up, Gold Up, USD Up, Oil Up... Stocks Down (Since FOMC) – ZH
EUROPE
When banks need a backstop – euobserver
In Brussels this week talks have returned to the familiar
theme of banks, bailouts and backstops.
Monetary policy and the business cycle – BIS (pdf)
Mr Thomas Jordan,
Chairman of the Governing Board of the Swiss National Bank, at the 75th
anniversary celebrations of the KOF Swiss Economic Institute, Zurich, 23 September 2013.
My view of monetary policy and household debt – BIS (pdf)
Speech by Mr Martin
Flodén, Deputy Governor of the Sveriges Riksbank, at Swedbank, Stockholm, 24 September 2013.
Despite the rise of the True Finns in 2011, Finland
continues to be a pro-European EU member state – Europp
/ LSE
ECB
The ECB’s very own tapering problem – alphaville
/ FT
The degree to which
excess liquidity had indeed been removed from the ECB system, and its greater
than expected effect on Eonia rates…Hence it is no surprise that an imminent
move below the psychological €200bn mark over the coming weeks has sparked off
a debate as to the likelihood of further ECB action…If an LTRO was to be
implemented, but the take-up was minimal, this could reveal the LTRO policy
tool to be ineffective and force the ECB into exploring new policy tools, if
not into more extreme and sizeable asset purchases.
ECB appoints Oliver Wyman as Consultant for the
Comprehensive Assessment of Supervised Banks – ECB
PIIGS
UNITED STATES
Markets are starting to worry about the debt
ceiling, in one chart – Wonkblog
/ WP
FEDERAL
RESERVE
Reflections on the economic outlook and the
implications for monetary policy
– BIS (pdf)
William C Dudley,
President and Chief Executive Officer of the Federal Reserve Bank of New York,
at Fordham Wall Street Council, Fordham University Graduate School of Business,
New York City, 23 September 2013.
Fed's Q3 Economic Projection: Fantasy Wishful
Thinking? – Econmatters
Who’s tapering now? – Long Short
/ FT
Foreign holdings of Treasuries reached $5.72tn in March, and by the end
of July were at $5.59tn. This is no great change in itself, but it is changes
at the margin that matter – and we already know that a “taper” or otherwise in
the Fed’s bond purchases was able to generate a dramatic market reaction. So what
is going on?
The Impact of Tapering on Risky Assets – Research
Affiliates
Traders may have gotten last week’s Fed news 7
milliseconds early – Wonkblog
/ WP
MACRO
NUMBERS
Consumer Confidence
Slips – WSJ
Consumer Confidence
Comes in a Bit Below Expectations – dshort
Consumer Confidence
Drops Most In 6 Months To 4 Month Low – ZH
Home Prices Rising at
Fastest Pace Since Start of Bubble – WSJ
ASIA
Ms Sayuri Shirai,
Member of the Policy Board of the Bank of Japan, at the International Monetary
Fund, Washington DC, 19 September 2013, and at the Board of Governors of the
Federal Reserve System, Washington DC, 20 September 2013.
OTHER
Revisiting my 2011
predictions – mpettis
FINNISH
Hyvä siinä
on jyrkänteen reunalla muiden moraalittomuuden perään huudella.