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Thursday, November 20

19th Nov - FOMC Minutes barely noticed

Previously on MoreLiver’s:

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How will Juncker get to €300bn?FT

Renzi plays politics while Italy mired in recessionTradingFloor
Italy is in recession yet again. Inflation is barely above zero. But instead of keeping his economic focus, Prime Minister Matteo Renzi is playing politics over presidential succession. Meanwhile the left and the unions are opposed to much-needed reforms designed to bring down the stubbornly high double-digit unemployment rate.

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated EconomiesFED
Chicago Fed Working papers by Enrique G. Mendoza, Linda L. Tesar, Jing Zhang

Fed Minutes: Looking for Clues on Rate-Hike Timing – WSJ
Fed Releases Minutes, Markets Shrug – WSJ
Key points from the minutes of the October FOMC meeting – Danske Bank
FOMC Minutes: Centrists Remain In Control – Marc to Market

Bank of Japan board probably still divided despite 8-1 voteDanske Bank
BoJ: wider majority backs QE expansionNordea

About that debtThe Economist

China’s Central Bank Makes Even the Heroic Fed Look Like a Bunch of AmateursWolf Street

Daily Central BanksWSJ
Hilsenrath’s Take: Fed Coming Under Pressure From Both Left and Right * BOJ Governor Says Easing Not A ‘Mistake’ * 5 Things to Watch in the Fed’s October Minutes * BOE Minutes Hint at Deepening Divisions * Interest-Rate Cuts Loom Across Asia

Daily MacroWSJ
The Bank of Japan is caught in a political bind as Prime Minister Shinzo Abe reneges on earlier commitments to complete a process of tax increases while the Bank of England finds that splits are forming over what had been a fairly solid consensus about keeping rates low for a long time.

FI Eye-Opener: When QE is not enough Nordea
Abe in action. ECB-QE priced stronger and stronger. Minutes from Fed and BoE today. 10Y EUR swap steady @1%. Core rates stable in general. US PPI surprises a bit on the upside as does UK CPI. A lot of action in xCcy basis swap markets.

Yen and Dollar-Bloc Sink, while Sterling Ticks UpMarc to Market

Danske DailyDanske Bank

Aamukatsaus – Nordea
Norjan kasvu hidastuu | Saksan ZEW-indeksi nousi | Britannian inflaatio voimistui

Ollapa oma valuutta, avautuisi taivas hetiIlkka Partanen / US

Elinkeinoelämä vaatii rohkeita tekoja talouden kääntämiseksiVerkkouutiset

Deflaatio ei itsessään aina ole vaarallista – sen tavallisin vaikutus on sitäkin vaarallisempiTyhmyri