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Wednesday, October 29

29th Oct - Special: Fed preview

Previously on MoreLiver’s:

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Fed’s grand experiment draws to a closeFT
Markets look to central bank to steady the ship as QE3 sets sail

Farewell QE3, but what’s next?FT
EMs are a diverse bunch. They might all get drenched in a storm, but some could yet prosper in the sunshine.

Markets position for Fed’s next moveFT
Many now expect US rate ‘lift off’ to be pushed back

Fed set to end one crisis chapter even as global risks riseReuters
An important symbolic step, the end of the purchases still leaves the Fed far from a normal posture. Its balance sheet has swollen to more than $4 trillion, interest rates remain at zero, and, if anything, recent events have increased the risk the U.S. central bank may need to keep propping up the economy for longer than had been expected just a few weeks ago.

Fed Decision Day Guide: FOMC Seen Focusing on Too-Low InflationBB
With the FOMC poised to halt bond purchases, ending its third round of so-called quantitative easing, policy makers may want to underscore they are troubled by falling inflation and price expectations.

Where Does the Fed Go After QE3 Goes Away?WSJ

FOMC Meeting Tim Duy’s Fed Watch

Print Less but Transfer MoreForeign Affairs
Why Central Banks Should Give Money Directly to the People

Fed preview: softer tone on inflation but bar for QE4 is highDanske Bank

The Fed’s October Meeting – At A GlanceWSJ 

How Effective Were Fed Bond Buys? A QE Research Bibliography WSJ

The Fed’s experiment in quantitative easing is coming to an endWaPo 

FOMC: End of QE3, Shorter StatementCalculated Risk

US: Fed to end QE – FOMC previewNordea
Despite the recent market turmoil, we expect the Fed to end its QE programme at this week’s FOMC meeting, which concludes on Wednesday. However, we expect the Fed to make it clear that there are no plans for tightening yet. A more direct acknowledgement of downside risks posed by global factors is likely. Treasuries look set to record modest gains after the Fed’s statement, while the curve could flatten a bit. Dollar bulls should not worry much either.

Fedspeak Cheatsheet: What Are Fed Policy Makers Saying?WSJ
What Fed officials have said about the outlook for the economy and monetary policy since their meeting September 16-17.

Worried on low inflation, Fed seen offering soothing wordsReuters
The U.S. Federal Reserve this week will likely reinforce its stated willingness to wait a long while before hiking interest rates after a volatile month in financial markets that saw some measures of inflation expectations drop worryingly low.

US Federal Reserve set to halt asset purchasesFT
The end of US Federal Reserve asset purchases this week marks the climax of an unprecedented monetary campaign, but there is no room for a triumphant declaration of victory.

The largest economic experiment in history is endingFinansakrobat

Fed Touchy About Touching Rate GuidanceWSJ
Fed policy makers meeting Tuesday and Wednesday are likely to debate whether to keep the language in their previous policy statements pledging to keep their benchmark rate near zero for a “considerable time” after their bond-buying program ends.

Merrill Lynch: FOMC PreviewCalculated Risk
Goldman Sachs: FOMC PreviewCalculated Risk

Specter of no-inflation world looms over Fed's return to normalReuters
After months of focus on slack in U.S. labor markets, the Federal Reserve faces a new challenge: the possibility that weak inflation may be so firmly entrenched it upends the return to normal monetary policy.