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EUROPE
Van Rompuy’s fiscal agenda: more Matti than
Mutti? – FT
Momentous EU Summit – Marc to
Market
Euro Zone Banks Grumble Over Supervision Fees – WSJ
Comfortably numb: ESM direct recapitalization – Bruegel
Merkel versus Renzi for the future of the
eurozone – FT
Wolfgang Münchau: Rome’s demand for a fundamental rethink of the
fiscal rules sets the scene for a political tussle
Euro area macro monitor – Danske
Bank
Why the ECB’s Liquidity Plan Might Struggle to
Do Its Job – WSJ
German IFO
expectations declined in June but should increase in H2 – Danske
Bank
Ifo drops in June on
back of weaker expectations – Merkelnomics
German Ifo Business
Index Declines as Growth Seen Slowing – BB
UNITED STATES
FEDERAL
RESERVE
Observations on Alternative Measures of
Inflation – Macroblog
How close is the Fed to “mission accomplished”? – FT
Gavyn Davies: With the
unemployment gap still very large in Yellen’s, she is clearly not ready to
stand back and declare “mission accomplished”.
Fed’s Plosser Not Worried About Inflation – WSJ
MACRO
DATA
Two charts that show
why the housing market is off track – WaPo
New Home Sales Surge
By 18.6% In May, Only 63% Below Pre-Crisis Highs – ZH
Seeing the Less
Distressing Side of Existing Home Sales – WSJ
House Prices: Real
Prices and Price-to-Rent Ratio decline slightly in April – Calculated
Risk
Five Takeaways: Where
is the U.S. Housing Market Headed? – WSJ
More Consumers Are
Humming ‘Because I’m Happy…’ – WSJ
ASIA
China Central Bank’s ‘Targeted Easing’ Leads to
Finger Pointing – WSJ
5 Takeaways from Japan’s
Growth Strategy – WSJ
A Dash of Reaganomics, Mixed with Classic
Industrial Policy – WSJ
OTHER
Daily Central Banks – WSJ
Hilsenrath’s Take:
Growth, Uncertainty and the Committee are on Yellen’s Mind * Is Bank of England Gov. Mark Carney’s Recovery for Real? *Carney Sends Dovish Signal on Rates in
Testimony * Third Arrow: Japan PM Abe Unveils Japan’s New Growth Strategy * Breaking: Turkey’s Central Bank Holds Overnight Lending Rate At
12%
Daily Macro – WSJ
Monday we had
higher-than-expected existing home sales in May and Tuesday we get to see how
the most closely watched price index, the Case-Shiller gauge, was doing as of
April, as well as look at new home sales in May. Monday’s data were welcomed as a sign of
recovery from weather-interrupted weakness in the winter and a hint that an
improving job market was bringing home buyers out again. But the weekly
mortgage application data, which the Mortgage Bankers Association releases each
Wednesday, have been telling a different story… if mortgage demand can’t grow
now, when rates are low, what will it do when rates rise?
Emerging-Market Target Practice – Project
Syndicate
Since the currency
crashes of the 1990s, emerging and developing countries have tended to anchor
monetary policy in targets for consumer price inflation. But, given that these
countries' central banks tend to miss their targets even more often than the advanced
countries do, they ought to consider switching to a nominal-GDP anchor.
FINNISH
Euro
heikentää teollisuuden tuottavuutta – Tyhmyri
Eurokriisi ja pysyvät taloudelliset vahingot
"Meidän
tulisi olla hyvin huolissaan Euroopasta" – Henri
Myllyniemi / US
Suunnitelmaa
Brysselin kesäkuun EU-huippukokoukseen – Sirpa
Abdallah / US
Johdatus
EU:n vastustamisen perusteisiin – Mikko
Kangasoja / US
FT: IMF
hoputtaa EKP:tä euromaiden velkakirjaostoihin – PS
FT:
Italia ja Ranska romuttamassa EU:n talouskuria – PS
Presidentti
nimitti Alexander Stubbin pääministeriksi - Suomella nyt uusi hallitus – Verkkouutiset
IS
selvitti: Miten kävikään Stubbin neljälle pointille? –
IS
Eduskunnan
täysistunto: Valtioneuvoston tiedonanto hallituksen ohjelmasta – Yle Areena
Pääkirjoitus: Hallitusohjelma on poliittisesti fiksu
pelikirja – IL
Toukokuun työttömyysaste 10,7 prosenttia – Tilastokeskus
Teollisuuden tuottajahinnat laskivat
toukokuussa 1,1 prosenttia – Tilastokeskus