Previously on
MoreLiver’s:
EUROPE
Hopes for a weaker
euro looking more like fantasy – Reuters
Beware of Greeks
Bearing Primary Budget Surpluses – CFR
Primary surplus sounds the “Grexit” alarm
German Industrial
Production Unexpectedly Fell in October – BB
Ukraine’s hryvnia slumped to within 0.3 percent of a one-year low in the
forwards market on concern policy makers will fail to ward off a devaluation as
foreign reserves sink and interbank lending rates soar.
S&P Says ECB’s
Review of Banks to Have ‘Limited’ Effect – BB
The ECB’s review of the quality of lenders’ assets will have a “limited”
effect on credit ratings because banks have enough time to strengthen capital,
according to Standard & Poor’s.
UNITED STATES
Treasury Yield Curve
Steepest Since 2011 as Jobs Fuel Taper Bets – BB
The difference between yields on two-and 10-year Treasuries widened to
the most since 2011 as employment gains reinforced expectations the Federal
Reserve is close to slowing bond purchases used to stimulate growth.
Update: Four Charts
to Track Timing for QE3 Tapering – Calculated
Risk
I suspect the FOMC is very concerned about the low level of inflation,
and also the decline in the employment participation rate. The December FOMC
meeting is on the 17th and 18th. Note:
Another key is that a budget agreement is reached by December 13th.
Graphs: Duration of
Unemployment, Unemployment by Education, Construction Employment and Diffusion
Indexes – Calculated
Risk
FEDERAL RESERVE
Is a Fed taper
bullish or bearish for stocks? – Humble
Student
Bullard Offers Up The Tiny Taper – Tim
Duy’s Fed Watch
The Federal Reserve
wants to taper. Wants very badly to
taper, in my opinion. The recent
employment reports seem to be giving a green light… Whether December or January
or later, policy is close to an inflection point with a shift from more to less
accommodation in the works.
Fed’s Bullard: Recent Job-Market Gains Boost Case for Fed Taper – WSJ
Bullard Sees Odds of Taper Rising Along With Labor Gains – BB
Fed’s Fisher: The Time to Taper Fed Bond Buys Is Now – WSJ
Fed's Fisher Blasts "Flaccid" Monetary Policy, Says More CapEx
Needed – ZH
ASIA
The politics of
adjustment – mpettis
OTHER
More bricks, fewer
bubbles – The
Economist
Financial markets are looking frothy. The answer is not tighter monetary
policy, but more public investment. Central bankers should tweak their
unconventional tools to favour investment in new assets
Changes in South
African Inequality During Mandela's Life – Marc
to Market
Income disparity in South Africa is larger now than under Apartheid.
BIS Quarterly Review,
December 2013 – BIS
Low rates boost credit markets as banks lag behind. Special features on
"The anatomy of the global FX market through the lens of the 2013 Triennial
Survey", "FX market trends before, between and beyond Triennial
surveys", "FX and derivatives markets in emerging economies and the
internationalisation of their currencies" and "The OTC interest rate
derivatives market in 2013".
Would You Rather Be
Born Smart or Rich? – The
Atlantic
A recent Brookings study suggests that brains and drive have more to do
with lifelong success than family wealth. But there's a big catch.
Google Puts Money on
Robots, Using the Man Behind Android – NYT
Over the last half-year, Google has quietly acquired seven technology
companies in an effort to create a new generation of robots. And the engineer
heading the effort is Andy Rubin, the man who built Google’s Android software
into the world’s dominant force in smartphones.
The Great Labor Dump – Noahpinion
Why has labor's share of income declined in advanced countries? There
are basically three competing stories: robots, unions and Asia.
FX Viewpoint:
inflation focus – Nordea
FINNISH
Professori: Korkeakoulututkinnot
maksullisiksi – TalSa
Eläkejärjestelmää korjataan kunnes se saadaan
rikki? – Mitä
olisi tutkittava