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EUROPE
Europe’s Trap – Krugman /
NYT
Europe is at a dead end; if anything, Greece is doing the rest of Europe a favor by sounding a wake-up call.
Inflation
vanishes – Reuters
Wolfgang
Münchau: Political extremists may be the eurozone’s saviours – FT
The
probability of at least one political upset in 2015 is very high indeed
As the
Euro Takes a Fresh Dive, Here’s What Strategists Think – WSJ
The Euro
Is Moving In The Right Direction, But It Needs To Fall Further – Alpha
Now
Permanent
QE and helicopter money – Bruegel
As the ECB
contemplates its own version of quantitative easing, this review clarifies the
conditions under which this policy is believed to matter (beyond the portfolio
channel) for inflation and growth. Unlike what was done in the US, the
associated monetary base growth needs to be permanent. Within this framework,
this review also discusses the pros and cons of helicopter money – i.e. overt
money-financed deficits – as compared with permanent QE.
Draghi
Girds for Risk of Deflation With His Finger on the Bond-Buying Button – BB
ECB Will
Find It Near Impossible to Lift Demand, Summers Says – BB
German
Inflation Tumbles To Lowest Since October 2009 – ZH
Samaras
Faces Greeks Skeptical of His Euro-Exit Warnings – BB
UNITED STATES
Charts
on US data over the holiday season – Danske
Bank
Consumer-driven
growth amid falling inflation
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: A More Vibrant U.S. Economy Picking Up Where it Left Off in 2014 * Global
Central Banking in 2015, a First Quarter Update for 25 Economies * As Fed
Prepares to Raise Rates, Economists Warn of Potential Bumps * Fed Could Raise
Rates in First Half of 2015—Mester * Euro Tumbles to Nine-Year Low
Daily
Macro – WSJ
As we
return from a two-week holiday hiatus, markets are looking at the world at the
start of 2015 with a little bit of trepidation, but no signs of panic. The euro
has dropped to its lowest level in nine years, as expectations for monetary
easing from the European Central Bank mix with concerns about the political
situation in Greece. And in Asia, Shanghai’s stock exchange restarted trading
for the year with a bang, but other markets in Asia were weaker, a reflection
in part of the poor economic conditions reflected in purchasing managers
readouts in recent days.
Danske
Daily – Danske
Bank
FI
Eye-Opener – Nordea
Grexit
talks, ISM back to reality, EUR/USD and rates still falling
Draghi
and Merkel Drive Euro Lower – Marc
to Market
US Open – ZH
Euro, Crude
Crash Resumes; US Stock Futures Flat On Grexit Fears; China Soars
OTHER
Global
Central Banking in 2015, a First Quarter Update for 25 Economies – WSJ
Steen's
Macro View: 2015 is all in the charts – TradingFloor
Here's a
few charts that caught my attention when doing my weekend research. They
include an explanation of why the 30-yr US yield is going sub 2.00%; an image
of how big the move is in commodities; and a look at whether spiking volatility
in bonds is an issue?
Thinking
About International Bond Yields – Krugman
/ NYT
FINNISH
Aamukatsaus – Nordea
Joulukuun inflaatioluvut vievät EKP:n valtionlainaostoksille
| Aika päästää irti Kreikasta | USA:n dollari säilyttää yliotteensa
Jos Syriza kuuluu radikaaliin vasemmistoon, niin kuuluvat
maailman talousgurutkin – HS
Fantastista, sanoisi Angela – Professorin
ajatuksia
Miksi suuryritykset eivät ota kantaa euroon – yritykset
ottavat kantaa suoraan näkemiinsä asioihin – Tyhmyri
Kreikan uusi kaaos ja eurokriisi – Roger
Wessman
Kreikan euroero olisi kova juttu – ei talouden vaan
politiikan vuoksi – Tyhmyri