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Thursday, December 18

17th Dec - Fed removes "considerable time"

Previously on MoreLiver’s:

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BOE Voted 7-2 as Majority Said Stronger Pay Growth Needed – BB
U.K. Posts First Real Pay Growth Since 2009 as Joblessness Falls – BB

It’s Not Just Russia’s Companies Feeling the Pain – WSJ
Russian Stocks Soar 17% - Most Since 2008; Ruble Back Below 62/USD – ZH
The Russian Enigma Unravels – Marc to Market
If I Were a Russian Leader – Polemic’s Pain
Central bank’s bailout of Rosneft behind rouble’s fall – Project Syndicate
SocGen Default Swaps Jump to One-Year High on Russia Turmoil – BB
Lessons from the Ruble’s Dive – Macro and Markets 

German Pickup Probably Too Late for ECB Preparing QEBB
An Interview With ECB Executive Board Member Benoît CoeuréWSJ
I see a broad consensus around the table in the Governing Council that we need to do more. If we had been in a position to cut rates at the last meeting, we would probably have done so. It’s not that much of a question on whether we should do something, but more a discussion on the best way to do it.

EUR Tumbles As ECB Coeure (Once Again) Signals Sovereign QE Is Coming - ZH
FOMC preview: Have patience – TradingFloor
Goldman's Q&A On Today's FOMC Statement – ZH
Rate Guidance and Inflation Outlook Dominate Fed Agenda – BB
Fed likely to signal rate hike on track despite global woes – Reuters

Statement – FED
Projections – FED
Live Blog: Fed Decision and Janet Yellen’s Press Conference – WSJ
US Markets Live, special FOMC presser edition – FT
Parsing the Fed: How the Statement Changed – WSJ
Fed Takes Another Step toward Normalization – Marc to Market
No More "Considerable Time" - Meet The New, "Patient" Fed – ZH
The December "Dots"... Drop – ZH
Fed Confusion Sparks Crude Chaos; Stocks, Bonds, Bullion Whiplash – ZH
Fed Officials’ Forecasts See Slower Pace of Rate Rises – WSJ
FOMC Projections and Press Conference – Calculated Risk
Fed expresses patience but takes one step closer to raising rates – WaPo
Economists React to the Fed’s December Decision: ‘What Was The Point!’ – WSJ
Fed Gets Rare Hat Trick of Dissent – WSJ
Fed’s Yellen Says No Rate Hike Likely For a Couple of Fed Meetings – WSJ

Consumer Prices in U.S. Decline by Most in Six Years on Fuel – BB
U.S. consumer prices fall on gasoline, eyes on Fed – Reuters

Daily Central BanksWSJ
How Yellen’s Methodical Style Informs the “Considerable Time” Debate * WSJ’s Hilsenrath and Reddy Discuss the Fed Meeting * More Fed Preview Coverage * Europe’s Deflation Struggle Intensifies * Ruble Volatile in Early Trading

Daily MacroWSJ
The continued rout in oil prices could be read in either a positive or negative light while the turmoil in markets associated with a plunging Russian ruble and weakness in European and Asian growth data raise questions about whether an otherwise improved U.S. economy is vulnerable to outside shocks.

Danske DailyDanske Bank

FI Eye-Opener: Russian meltdownNordea
German yields hit new lows before a small rebound. Core bonds to remain supported early today. Huge volatility in FX markets. Oil prices and inflation expectations still falling. Rebound in European equities not carried over to the US. UK CPI just the first of many downward surprises? PMIs increase but the outlook still clouded. Time for a more hawkish message. Greece – this vote will not count, but could it matter?

Dollar Recovers, Oil Doesn'tMarc to Market

Crude Continues Slide, Ruble Stabilizes, US Futures Rebound As Global Stocks Slump: All Eyes On Yellen

Daily Shot – TradingFloor
The big story this week is the ruble's collapse, and the blow dealt to Russia's economy has seen five-year bond yields approach 18%. Elsewhere, Germany continues to resist Eurozone quantitative easing while U.S. bank formation remains stubbornly weak.

FX Update: Will the FOMC blink?TradingFloor
The bout of market volatility was rather intense across asset classes yesterday, particularly in FX, but is it enough, together with a 5% correction in US equities, to make the Fed blink and consider not removing the “considerable time” language from today’s monetary policy statement? Doubtful.

EM FX: Financial forecastsNordea
We continue to forecast general EM FX weakness for the first half of 2015. We have changed a number of forecasts over the past two weeks, especially for the commodity currencies such as RUB, BRL, MXN, and ZAR. This week’s emergency rate hike from the CBR has prompted the most significant change in our EM central bank forecasts. Here is an overview of financial forecasts for Emerging Markets.

Rupla on pahin, muttei ainoa | Vieraskynä: BBB-luottoriskiä joukkolainalahjaksi pukinkonttiin | Tänään kokoustaa Fed

Kauppa se on, joka kannattaa?Libera
Libera julkaisi 12.12. Kauppa se on, joka kannattaa? Vapaa vaihdanta suomalaisen hyvinvoinnin lähteenä -raportin.

Kuka pelastaa Euroopan suurpankit Venäjältä?Jan Hurri / TalSa
Suomi ja muut euromaat pelastivat kansainväliset suurpankit Kreikasta ja muista euroalueen kriisimaista, kun nämä ajautuivat rahoituskriisiin. Nyt kriisi riehuu Venäjällä – jossa Euroopan suurpankeilla on runsaammat riskit kuin niillä oli Kreikassa. Pankkiunioni voi velvoittaa Suomenkin pelastamaan pankkeja Venäjältä.

Keskuspankki ja tappiot – voiko rahaa painava taho tarvita pääomittamistaTyhmyri

Muuttuuko valhe totuudeksi kun sitä tarpeeksi toistetaan?Hannu Visti

Kokoomuskonkarit moittivat Venäjän johtoa suorasta valehtelustaIL
Kokoomuskonkarit eivät säästelleet sanojaanVerkkouutiset
Näkökulma: Kanervasta kokoomuksen pelastajaIL