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Wednesday, May 22

22nd May - US Open

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: It's Central Banker Appreciation Day – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe
  Cameron: Regardless of any pressure my Europe policy is not going to change

Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Central Bankers' Day – Marc to Market
Morning Briefing (EU/US): Once In A Lifetime? – BNY Mellon
  Is a sustained rally in the USD justified?

Europe faces lost decade, says Mark CarneyThe Telegraph
Mark Carney, the incoming Bank of England Governor, has warned that Europe could face a decade of stagnation unless it takes the kind of bold measures seen in Japan.

The real significance of Germany's eurosceptic partyeuobserver
Almost every other parliament in the EU has been weakened by the euro-crisis, but the Bundestag has been strengthened.

The European Union’s unending quandaryReuters
John Lloyd: As recession deepens in the euro zone, the political questions about what comes next are resurfacing.

It never rains…MacroScope / Reuters
The British government faces another potentially thorny day with the IMF delivering its annual review of the UK economy…German officials have been getting active in recent weeks in some potentially interesting ways.

Bank of England remains split along familiar linesTradingFloor
Nick Beecroft: if the Eurozone crisis remains 'in its box', the US continues to outperform and the UK Housing Market continues to gather speed, then QE will never go up again. Alternatively.....My best guess is the former and that the market will even start pricing in rate rises for late 2014.

Commodity super cycle ending versus QE in the eighth inningTradingFloor
Steen Jakobsen: Get ready for the UK version of QE to Infinity. We are very negative GBP for the second half of 2013, and awaiting the catalyst to this trade… Singapore’s Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam struck a tone we should all embrace: “The global economy could face the risk of stagnation if it does not embark on fiscal consolidation and structural reforms for more sustainable growth in the next 10 years”.

Why not shrink the European Commission?Open Europe

Research US: Labour force flows - implications for the FedDanske Bank (pdf)

Schizophrenic investors expect slump: bet on boomThe Telegraph
The latest poll of Morgan Stanley's top clients from across the world says it all. Chief economist Joachim Fels tells us that not a single investor at the bank's Florence forum thought the world economy would rebound with any strength later this year… We will find out tomorrow from Ben Bernanke's testimony to Congress whether he aims to "taper" QE sooner or later. The markets are all on one side betting that it will be later. They are probably right, but they had better be. As Warren Buffett said, it will be the shot heard around the world the day Bernanke hints at anything else.

Bank of Japan not concerned about increase in bond yieldsDanske Bank (pdf)