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Thursday, September 26

26th Sep - US Close

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
Daily Risk Monitor – Global Macro Monitor
The Closer – alphaville / FT
US: Stocks End Losing Streak With Low Volume Limp Higher – ZH

More Fiscal Integration to Boost Euro Area ResilienceIMF
Eurozone: IMF proposes a fiscal union and common unemployment insurancePresseurop
Crisis exposed important gaps in architecture of the euro area * Strengthened fiscal governance and cross-country insurance mechanisms would reduce likelihood and severity of future crises * Providing a common fiscal backstop for the banking union is most pressing need

Cyclical Outlook for Europe: Near-Term Recovery, Long-Term RisksPIMCO
European Growth According to Pimco: Uneven and SlowWSJ
While Europe has emerged out of recession, the relative tightness of monetary policy means the eurozone is still struggling to get back to potential pre-Lehman growth rates * The ECB should be able to maintain stability over the cyclical horizon while policymakers continue to address outstanding issues as they look to build a less vulnerable monetary union *  We are selective in our approach to regional credit and remain neutral on the euro, balancing our cyclical outlook with longer-term secular concerns on the eurozone outlook and valuations.

Are budgeteers ready for the Rehn treatment?Brussels blog / FT
This year, for the first time in EU history, every eurozone member must submit its national budget to Rehn’s office for review within the next two weeks – before they are debated by national parliaments.

Forget Recovery: This Is What Total European Monetary Collapse Looks LikeZH

Europe’s new challenge: Eroding foreign investment euobserver

Portugal's situation in the post-Troika periodBIS (pdf)
Carlos da Silva Costa, Governor of the Bank of Portugal, at the "Portugal post-Troika" economists meeting, Lisbon, 5 July 2013.

IMF calls for quick end to U.S. budget battlesReuters
Failure to Raise the Debt Ceiling Would Be ‘Catastrophic’WSJ

What Happens to Jobs Report if Government Shuts Down?WSJ

US Corporate Profits at All-Time High as GDP Growth Holds at 2.5 PercentEconoMonitor

US CDS Spikes To 5-Month High, How To Trade The Debt Ceiling ShowdownZH

Risk of US government shutdown should not be ignoredNordea

Don’t just raise the debt ceiling. Get rid of it forever.Wonkblog / WP

The Federal Government's Budget: Basic Facts You Need To KnowReason

The Federal Reserve Policymaker Bias Cheat-SheetZH

New York Fed says to raise limit on reverse repo testReuters

Fed officials admit communication problems over taper Reuters
The Fed confused financial markets over scaling back bond buying, two senior officials said on Thursday, with one arguing the central bank should explicitly link tapering to drops in the jobless rate to be more predictable in the future.

Fed's Stein: need to be more predictable on bond taper – Reuters
Fed did not try to surprise market with stimulus delay: Stein – Reuters
Fed’s Stein Favors Linking Taper to Labor-Market Indicators – WSJ
Jeremy Stein would make a great No. 2 at the Fed. This speech shows why. – Wonkblog / WP

Fed should target faster decline in jobless rate: Kocherlakota – Reuters
Fed's Kocherlakota urges more stimulus, not necessarily more QE – Reuters
Kocherlakota: Fed Should Work More Aggressively to Battle Unemployment – WSJ
Fed official: It is time for resolve in fighting unemployment – Wonkblog / WP

Fed's Lacker says hard to start tapering in Oct without losing face – Reuters
Dudley: Brief remarks about the centennial "The Fed at 100" Exhibit – BIS (pdf)

Pending Home Sales Index declines 1.6% in August – Calculated Risk
Pending Sales of Existing Homes in U.S. Decreased 1.6% in August – BB

Brief China UpdateMarc to Market

Emerging Markets: What has ChangedMarc to Market

EMEA Weekly, Week 40Danske Bank (pdf)

En ole kriisitietoinenAkateeminen talousblogi

Ero Emusta, mutta ei nyt, ei yksin eikä Kreikan kanssaEsko Seppänen