Google Analytics

Tuesday, September 24

24th Sep - US Close

Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter or Facebook

Roundups & Commentary
Markets – Between The Hedges
Daily Risk Monitor – Global Macro Monitor
The Closer – alphaville / FT
US: Bonds Up, Gold Up, USD Up, Oil Up... Stocks Down (Since FOMC) – ZH

When banks need a backstopeuobserver
In Brussels this week talks have returned to the familiar theme of banks, bailouts and backstops.

Monetary policy and the business cycleBIS (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 debtBIS (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 stateEuropp / LSE

The ECB’s very own tapering problemalphaville / 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 BanksECB

Portugal After Austerity: Still Between a Rock and a Hard PlaceEconmatters

Italy's Problems Persist Despite Post-Fed Relief RallyMarc to Market

Markets are starting to worry about the debt ceiling, in one chartWonkblog / WP

Correlation between Small-cap earnings growth and the US economyMacronomics

Reflections on the economic outlook and the implications for monetary policyBIS (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 Dudley: Taper Remains Possible This YearWSJ

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 AssetsResearch Affiliates

Traders may have gotten last week’s Fed news 7 milliseconds earlyWonkblog / WP
New York Still Investigating Trading on Early AccessDealBook / NYT

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

Monetary policy and forward guidance in JapanBIS (pdf)
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.

Revisiting my 2011 predictionsmpettis

Great Graphic: US Deleveraging, Europe Still Leveraging?Marc to Market

Notes from the Bloomberg Markets 50 Summit, Morning SessionThe Reformed Broker

Kuntatalouden palkkarohmutTalouden Tulkki
Hyvä siinä on jyrkänteen reunalla muiden moraalittomuuden perään huudella.