EUROPE
Quarterly Report on the Euro Area – Europa
(pdf)
Focus: Financial
dependence and growth since the crisis * Labour costs pass-through, profits and
rebalancing in vulnerable Member States * Cross-border spillovers in confidence
Euro Zone Isn’t Rebalancing Strongly, Commission
Paper Says – WSJ
The current economic situation in Finland – BIS (pdf)
Mr Seppo Honkapohja,
Member of the Board of the Bank of Finland, at the conference "Reform
Capacity and Macroeconomic Performance in the Nordic Countries", Copenhagen, 20 September 2013.
Spain’s economy: The worst may be over – The
Economist
Europe’s Choice: Risk Stagnation or Pursue
Integration – iMFdirect
The European Stability Mechanism: Gearing up
for business – The
Economist
EUROPEAN
CENTRAL BANK
Mario Draghi: Europe not moving towards federal
'super state' – The
Telegraph
ECB President bids to
dispel fears Europe is moving "inexorably" towards a
federal "super state"
Stronger Euro Creating Problems for ECB
Inflation Target – WSJ
The recent rise in the
euro against other major currencies is weighing on southern European exports
and reducing an inflation rate that is already well below the ECB’s target,
Austrian central bank governor Nowotny said.
The euro area economy - current prospects and
challenges ahead – BIS (pdf)
Mario Draghi, Economic
Club of New York, New York, 10 October 2013.
Euro area economic outlook, the ECB’s monetary
policy and current policy challenges – ECB
Mario Draghi, 28th
Meeting of the International Monetary and Financial Committee,
in Washington D.C. on 12 October 2013
The ECB’s New Pressure Tactics on Member
States’ Taxpayers – PIIE
As President Obama and
Congress speed toward each other on a world-rattling collision course, the
European Central Bank (ECB) is also replaying its own version of “political
chicken” with member states in the European Union these days. At issue is the
shape of the common currency’s necessary institutional reforms.
UNITED STATES
Factional conflicts have the
power to destroy empires - and republics – The
Telegraph
Ambrose
Evans-Pritchard: Bitter fights in Washington are making the US economy look much worse than it is.
FEDERAL
RESERVE
QE works in practice because QE works in theory – Money Illusion
Fed’s Rosengren: Decision Not to Taper Was
‘Fully Warranted’ – WSJ
Fed defends ongoing stimulus, admits
communications blips – Reuters
Ending the debt limit crisis: Dear Ben Bernanke – Reuters
Bernanke could
alleviate the debt ceiling crisis simply by canceling the debt held on the
Fed’s balance sheet.
The Fed Could Simply CANCEL $2 Trillion of
Government Debt – ZH
FED:
YELLEN
Analysis: Questions Yellen will likely face for
Fed confirmation – Reuters
U.S. lawmakers unhappy
with the Federal Reserve will have a prime opportunity to vent their concerns
when the Senate Banking Committee vets Janet Yellen as next chair of the Fed,
which has become a lightning rod for criticism of policy activism.
Yellen Needs to Tell Politicians to Stop
Passing the Buck to the Fed – naked
capitalism
The Fed’s new boss: The dove v the desperadoes – The
Economist
The new head of the Federal Reserve: Dove
ascendant – The
Economist
SHUTDOWN
/ DEBT CEILING
The shutdown is a total disaster for the GOP – WaPo
The shutdown probably won’t hurt Republicans in
2014. Here’s what will. – WaPo
Forward Bill Yields Spike At Can-Kicking
Debt-Ceiling Deadline – ZH
Three options for ending the debt-ceiling
crisis… forever! – WaPo
Republicans Narrow Demands for Increasing U.S.
Debt Limit – BB
House and Senate
Republicans are starting to narrow their demands for health-care law changes in
the U.S. fiscal impasse as they prod President Barack Obama to attach such
revisions to a bill to end the government shutdown.
MACRO
NUMBERS
The "Hard" Data Doesn't Lie – ZH
On the one hand, soft
surveys such as the ISM manufacturing index have pointed to robust economic
growth. On the flip side, hard economic data have been disappointing.
Consumer Confidence
Misses Expectations; Slumps To Lowest Since January – ZH
Consumer Sentiment
Dropped in Early October – WSJ
Preliminary October
Consumer Sentiment decreases to 75.2 – Calculated
Risk
Vital Signs: Shutdown
Shaves Sentiment – WSJ