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Wednesday, September 4

4th Aug - US Close

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
Daily Risk MonitorGlobal Macro Monitor
The Closer – alphaville / FT
US: McCain Sparks Stocks Best Day In A Month As Bonds Drops To 25 Month Low – ZH

Draghi Gets Another Chance to Push ECB’s Forward GuidanceWSJ

The value in vaguealphaville / FT
JP Morgan economist really would like the ECB chief to use the opportunity to expand upon the word “extended” when offering interest rate guidance.

Greece: Troika demands that Athens liquidate arms industrypresseurop

A third way forward for EuropePresseurop
The intergovernmental method established by the Maastricht Treaty may well be insufficient to overcome divisions between member states, however, the much vaunted solution of radical federalism is even less viable. If a balance is to be restored, a compromise must be found.

Fed exit options, table du jouralphaville / FT
Which part of future Fed tightening “is now completely up in the air”? The answer (according to Societe Generale) is in the useful table

It's the what, not the whoFree exchange / The Economist
Larry Summers will be the next chairman of the Federal Reserve. It is roughly as unclear as it has always been, which is very, what that will mean for monetary policy.

Worse Than Expected US Trade Deficit, Trade Gaps With China, EU Rise To Record – ZH

Beware the EM central bank FX swap trendalphaville / FT
If you’re an central bank in emerging markets, struggling to keep your economy stimulated/protected from hot money flows, using swaps or FX sales is a tempting and viable alternative to interest rate hikes. And generally speaking, the BNP EM strategists argue, swaps provide for a richer toolset for most central banks.