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EUROPE
20 years
of the European single market: growth effects of EU integration – Bertelsmann
Needed:
a euro pact – Hugo
Dixon / Reuters
Euro
Area Inflation--When the Rubber hits the Road – Marc
to Market
Big
changes at the ECB: emulating the Fed – TradingFloor
Minutes add
transparency and accountability * Less frequent meetings warranted as crisis
less acute * Rotation leaves even big countries occasionally without a vote
Is a
Bloated Current Account Surplus the New German Disease? – WSJ
If this time,
effort and money have not changed Greece for the better, what has it all been
for?
UNITED KINGDOM
BOE’s
Broadbent Says Global Growth Would Aid U.K. – WSJ
Does
monetary policy explain the British jobs recovery? – The MoneyIllusion
UK Fiscal
Policy from 2015 with shocks – Mainly
Macro
UNITED STATES
The
middle class is 20 percent poorer than it was in 1984 – WaPo
Fed
preview – Danske
Bank
Look for a
positive twist - will the market take notice this time?
Forward
Guidance: What to Watch at This Week’s Fed Meeting – WSJ
Thoughts
Ahead of Tomorrow's Advance Estimate of Q2 GDP – dshort
MACRO NUMBERS
Case-Shiller:
Comp 20 House Prices +.3% YoY in May – Calculated
Risk
Housing
Slowdown? The Case-Shiller Index in Five Charts – WSJ
Real Prices
and Price-to-Rent Ratio decline in May – Calculated
Risk
Consumer
Confidence Explodes Higher To October 2007 Highs – ZH
Consumer
Confidence Surges – Bespoke
ASIA
Abenomics
Virtuous Cycle Spinning More Slowly – WSJ
Anti-graft
campaign hits commercial sector * Deal-making slows as executives keep heads
down * Corruption probe bad news for company tight on cash flow
OTHER
Daily Macro – WSJ
Clearly, no
one’s worried about the Fed signaling an earlier interest-rate increase than
the far-off event that the market is pricing. But while that might make sense
for tomorrow, given the FOMC’s unwillingness to rock the bottom, the idea of an
actual earlier-than-expected rate increase seems to us like precisely the kind
of thing that could test the viability of this new round of Asian speculation. Remember
the taper tantrum.
Hilsenrath’s
Take: Tame Inflation Expectations a Trump Card for Fed’s Doves * New Bank of
England Deputy Is a Potential Guide on Interest Rates * IMF Warns U.K. on
Interest Rates * Exports Likely a Hot Topic at Coming BOJ Meeting * Bank of
Israel Trims Benchmark Interest Rate
IMF: Rising
rates, emerging market slowdown could dampen global growth – WaPo
FX: Still Waiting – Marc to Market
Larry
Summers Interview –
The
New Republic
The economy
hasn't grown rapidly "in a financially sustainable way" for a long
time – the former Treasury secretary on WhatsApp vs. Sony and why we need the
Export-Import bank
FX
Rates, Contrarian Investments and the Misleading Concept Called GDP – SNBCHF
2014 IMF Spillover Report
Report – IMF
External
Sector Report – IMF
External
Sector Report - Individual Economy Assessments – IMF
Changing
Growth Trends Carry New Global Spillovers – IMF
FINNISH
Suomesta voi hävitä kymmeniätuhansia työpaikkoja
Venäjä-pakotteiden johdosta – YLE
Elinkeinoelämän keskusliiton Venäjästä vastaava johtaja Kai
Mykkänen varoittaa, että Suomen vienti Venäjälle voi pudota kymmeniä
prosenttiyksikköjä, jos Länsimaat sulkevat Venäjän rahoitusmaailmasta.
"Silloin puhutaan kyllä kymmenistätuhansista työpaikoista."
Säännöstelyn joutsenlaulu – Vesa
Varhee / TalSa
Maailmantalouden rakenteet tekevät paluuta viime vuosisadan
alun tilanteeseen. Yritystoiminta kansainvälistyy, ja ulkomaankaupan
rajoituksia puretaan.
Maailmantuska ja HeSari – Tyhmyri
Jos lahjoittaa avaimensa, pankkitilinsä tunnukset ja kännykän
on turha vinkua elämänhallinnasta
Talouskriisi näytti, miksi Yhdysvaltojen talous on
Eurooppaa vahvempi – HS
Esimerkki lammasmaisuudesta – Hannu
Visti