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Tuesday, February 26

26th Feb - US Close: Finally Calm, For Now

All article links relating to the Italian elections are in my just updated Special

Joke of the Day: Italian elections: who cares when the nominees are Donald, McScrooge and Gladstone - Anonymous

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape:More Bernanke, Durable Goods, Target Earnings WSJ
Morning Briefing (Asia): Markets Rebound From Italy on Bernanke's Testimony BNY Mellon
  The EU's medicine no longer appears palatable for much of Italy
Europe: Closes With Italy's Worst Day In 19 Months – ZH
US: Gold Jumps Most In 2013 As S&P Limps To Unch For Feb – ZH

Death by DavosKrugman / NYT
This is the way the euro ends: not with the banks but with bunga-bunga. OK, the euro isn’t doomed — yet. But the Italian election signals that the eurocrats, who never miss an opportunity to miss an opportunity, are getting very close to the edge.

Great Graphic: 2-Year Differential and Dollar vs EuroMarc to Market

Euro Spreads Widen OutBespoke

Contagion ReturnsWSJ
Contagion has returned to the euro-zone government bond markets, and not the good kind.

The burning of Rome spreadsalphaville / FT
We’re talking a deep reversal back towards eurozone crisis trends.

Above the noise: Classic overreaction to the Italian electionTradingFloor
There is absolutely nothing with the current information on hand that bodes for uncertainty surrounding the Euro area, nor Italy's economic life one year ahead.

French Industry Minister Wants Lower Euro And Currency War Entry ASAP: Demands ECB Start Monetizing DebtZH

France's Firebreak WeakensMarc to Market
France had pinned its hope that threat to EMU would be turned back before the wolf came it its door. The Italian political tensions come at the poor time for France. Its ability to absorb shocks is terrible constrained.

Semiannual Monetary Policy Report to the CongressFED

Post-Mortem Of Bernanke's Prepared RemarksZH

Fed unlikely to scale down QE3 the next few monthsNordea
Bernanke defended today the central bank’s asset purchases and said that they are still merited. With no new policy signals we still believe that the Fed is unlikely to scale down QE3.

Draining excess reserves and the exit strategySober Look
Questions continue to surround the Fed’s eventual exit from years of quantitative easing. The ultimate fate of what is to become of the 3.5 - 4 trillion dollar portfolio of securities

Bernanke’s Senate tone not that of Fed Chairman seeking third termMacroScope / Reuters
In unapologetic and sometimes testy exchanges before the Senate Banking Committee on Tuesday, the Fed chief defended his record and dismissed one Senate critic in unusually blunt terms.

On Bernanke’s testimonyCredit Writedowns

361 Capital Weekly Research BriefingThe Reformed Broker

Korkman Jukka Kemppinen

Italian vaalit - subjektiivinen näkemysHenri Myllyniemi / piksu

Saudi-Arabia torjui Kataisen ja StubbinSK

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