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Wednesday, September 17

17th Sep - Fed's non-surprise

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Finland: Russian sanctions and fiscal austerity hit Finnish economyDanske Bank

The fatal flaw that could doom the European projectFT

Germany’s fiscal position – too good to lastDB Research

The BOE’s Understandable SplitWSJ
The questions confronting the BOE are: how much labor market slack remains, and how quickly will wages start to move higher as that slack is absorbed?

Russia Central Bank Responds To Domestic Dollar Shortage, Starts Currency SwapsZH

United Kingdom – To Be Or Not To Be? – Alpha Now
Rebuttal to Stiglitz on Scotland: Reality of Independence Is Frightening – PIIE
Catalonia could follow Scotland in using its independence movement as leverage to win more devolved powers – Europp / LSE
Joseph Stiglitz: Independence has costs and benefits – Scotsman
The political appeal of currency union and disunion – The Economist

Liquidity supply and demand in the €-area: a schematic approach – Money Matters
5 Questions About the ECB’s New Bank Lending Program – WSJ

Euro area annual inflation stable at 0.4% - Eurostat

The big day arrives – Macro Man

FOMC Statement – FED
FOMC Projections – FED
Policy Normalization Principles and Plans – FED

FOMC statement comments – FT
Yellen Speaks Softly, Market Overreacts – Marc to Market
Two Dissents from Hawks on Fed’s Forward Guidance – WSJ
5 Takeaways From the Fed September Meeting – WSJ
Wall Street Reacts to Fed: ‘Dovish’ Developments – WSJ
Macro Live, Fed presser edition – FT
The "Dots" Chart - Then And Now – ZH
VIX Slammed Under 12, S&P To Record Highs As Yellen Starts To Speak – ZH
Stocks Give Up Post-FOMC Gains; Dollar, Bond Yields Surge – ZH
Recap 2014-09-17 – Global Macro Trading
Maths and the FOMC – FT
Fed keeps forward guidance but revises projections higher – Danske Bank
Federal Reserve details new exit strategy, keeps record-low rate – WaPo
Fed Revises Plans on How it Will Raise Rates – WSJ
Goldman's Yellen Press Conference Post-Mortem: "Few Surprises" – ZH
Fed rate hikes may come sooner than expected – Reuters
Fed to Keep Rates Near Zero for ‘Considerable Time,’  BB
Fed Shouldn't Curb Its Ambition – View / BB

NAHB: Builder Confidence increased to 59 in September, Highest since 2005 – Calculated Risk
US housing market hits level not seen since 2005 – TradingFloor
Homebuilder Sentiment Soars To 9 Year High (Mortgage Apps 14-Year Low) – ZH
Home Builder Confidence Spikes Higher – Bespoke

New Sign of Weak Inflation Gives Fed More Room to Maneuver – WSJ
Bond Yields Slide As Core CPI Weakest In Over 4 Years – ZH
Inflation? Not in August, Thanks to the Drop in Gasoline Prices – dshort

U.S. Household Incomes: A 46-Year Perspective – dshort

China - PBOC's liquidity injection shows easing bias but also reluctance to ease – Danske Bank
Economists React: PBOC Injection Fails to Impress – WSJ

Daily Central BanksWSJ
Da Costa’ Take: Fed Likely to Still See Jobs Slack as “Significant” * Hilsenrath Analysis: The Case for the Fed to Tweak but Keep “Considerable” Period For Now * Five Things to Watch Out of the Fed Meeting * China’s Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown * BOE Dissenters Fail to Attract Support

Daily MacroWSJ
As investors await an announcement from the Federal Open Market Committee at the conclusion of its two-day meeting later Wednesday, they are mulling another reminder of the divergence in the global economic policy cycles.

Stocks and Bonds Advance Ahead of FOMCMarc to Market

Uh-oh, the credit rating agencies are up to their old tricks againWaPo

Emerging Markets Briefer: September 2014Danske Bank

"Byrokraatteja kiinnostaa oman edun maksimointi"Verkkouutiset
Professori Matti Wiberg patistaa kyseenalaistamaan julkisesta sektorista saatavat hyödyt.

Timo Soini ja ero eurostaSoininvaara

"Edellisen kerran tuotanto laski yhtenä vuotena. Nyt on jo kuusi peräkkäistä vuotta"Verkkouutiset