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EUROPE
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
RUSSIA
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
EUROPEAN CENTRAL BANK
German
Pickup Probably Too Late for ECB Preparing QE – BB
An
Interview With ECB Executive Board Member Benoît Coeuré – WSJ
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
UNITED STATES
BEFORE FOMC
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
AFTER FOMC
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
REGULARS
Daily
Central Banks – WSJ
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
Macro – WSJ
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
Daily – Danske
Bank
FI
Eye-Opener: Russian meltdown – Nordea
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't
– Marc
to Market
US Open – ZH
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.
OTHER
EM FX:
Financial forecasts
– Nordea
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.
FINNISH
Aamukatsaus – Nordea
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 pääomittamista – Tyhmyri
Muuttuuko valhe totuudeksi kun sitä tarpeeksi toistetaan?
– Hannu
Visti
Kokoomuskonkarit moittivat Venäjän johtoa suorasta
valehtelusta – IL
Kokoomuskonkarit eivät säästelleet sanojaan – Verkkouutiset
Näkökulma: Kanervasta kokoomuksen pelastaja – IL