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Wednesday, August 22

22nd Aug - US Close

Fed minutes came out - and the message seems to be mixed and open for interpretations. 
There are decades when nothing happens and there are weeks when decades happen.

– Vladimir Lenin

Previously on MoreLiver’s:

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Roundups & Commentary
News Briefing (August 15–21) – qfinance
Markets – Between The Hedges
The Closer – alphaville / FT
Recap – Global Macro Trading
Tyler’s European Summary – ZH
  Spot The Odd One Out
Tyler’s US Summary – ZH
  Gold Up, Stocks Up, Bonds Up, VIX Up; That Is All
TV: Bloomberg, BBC
Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

Banks are preparing for “Grexit”presseurop
The worst-kept secret of the big US and European banks? They're preparing for the worst: the exit of Greece from the eurozone and even the break-up of the eurozone itself

Citi Sees Greek Exit As Soon As SeptemberZH

Europe's Inverted RallyZH
Multiple expansion is dramatically 'rich' compared to sovereign risk changes and is now at the top-end of the euro-zone crisis range. Couple of charts from UBS.

European Crisis MonitorThe Big Picture
Bloomberg’s daily brief on Europe

In praise of debt mutualisation alphaville / FT
HSBC has a remarkably sunny note out on the prospect of unlimited bond market intervention by the ECB, driving short term sovereign yields significantly lower. (full note link in the article)

Europeans — too different to get on togetherDagens Nyheter / presseurop
Above and beyond the diverging economic performance of EU countries, cultural differences between the people of Europe constitute the main obstacle to the creation of a homogeneous European society. Given the extent of these divisions, it is not surprising that the European project has run into difficulty.

Dollar Shortage Hits Highest Number Of European Banks In Six MonthsZH

Inflation Should Be FearedOpinion / NYT

Could A Central Bank Fail To Inflate?Slate

FOMC minutes
FOMC to discuss again in Sept but more QE likely – The Big Picture
FOMC minutes to the July 31 / August 1 meeting – alphaville / FT
FOMC Minutes: “many members” wanted more easing if growth not picking up – ASA
Fed Minutes Suggest More Stimulus Coming Soon – MarketBeat / WSJ
The biggest hint yet the Fed will act – Wonkblog / WP
QE3′s Coming in September, No Doubt; Unless it Isn’t – MarketBeat / WSJ
No Shift In Fed's Views, Even As Many Members See More Easing Likely Warranted – ZH
It's All About The Data – Tim Duy’s Fed Watch
Dovish FOMC minutes keep QE3 hopes alive in markets – Nordea
Discussion of policy tools the FOMC "might employ" – Calculated Risk

BofAML: The Fed-Equities NexusZH
We are in an anti-Goldilocks period in which the data are too hot for clear-cut Fed easing, but too cold to support a sustained rebound — anything but “just right”.

The Fed, the fiscal cliff and coming recession in 2013Credit Writedowns

The CBO and the fiscal cliff — revisedalphaville / FT
CBO anticipates that the economic slowdown brought about by fiscal tightening, coupled with a lack of inflationary pressure, will prompt the Federal Reserve to embark on another round of large-scale asset purchases by early 2013, thus helping to hold down the rate on 10-year Treasury notes.

Fiscal cliff scenarios - the Credit Suisse versionSober Look

Morgan Stanley: Ryan Pick Clarifies the Policy DebateZH

US housing inventory at post-crisis lowsSober Look

Market Perspectives AugustGuggenheim (pdf)
if the link does not open, try “save as”

Copper Leads Global GrowthThe Short Side of The Long
Very nice and long piece of the markets from the point of copper.

EM Bond Snapshot - August 2012Danske Bank (pdf)

China bubble in 'danger zone' warns Bank of JapanThe Telegraph
China risks a repeat of Japan’s boom-bust disaster 20 years ago as exorbitant property prices combine with a demographic tipping point, a top Japanese official has warned.

Oikeuskansleri vaatii valtiovarainministeriöltä selvitystä EVM-sopimuksesta – YLE
Yle: Oikeuskansleri vaatii selvityksen eduskunnan EVM-tiedoista – TalSa

Rehn: "Suomi teki oman maalin Euroopan joukkueessa" – YLE
Komission vpj Olli Rehn UM:n suurlähettiläspäivät Helsingissä – EC

Eufex: Päättäjätkin tietävät, että euroalue nykymuodossaan on puhdas mahdottomuus – AP

"Euroalueella ei ole enää yhteisiä rahamarkkinoita" – TalSa

Rehn: Kriisimaille on annettava rahaa – TalSa

Kreikan pääministeri "takaa henkilökohtaisesti" lainojen takaisinmaksun – TE

Espanja ei kiirehdi pankkirahaa - roskapankki pystyyn ensin – YLE

Asiantuntija: Pankkiunioni katkaisisi valtioiden lainapiikin – YLE

Helsingin Sanomat 22.8.2012, eurokriisi ja älyllisyyden puute – Tyhmyri

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