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Thursday, April 30

30th Apr - USD bears in control, bonds slump

Previously on MoreLiver’s:
Tuesday: UK's Q1 GDP not great            

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Simon Nixon: Spain and Portugal Can Cope With GrexitWSJ
Both countries are at risk from a Greek eurozone exit, but they have confidence their economies can withstand the shock

Unclogging Euro Area Bank LendingiMFdirect
If policymakers and bankers do not act to support bank lending, simulations suggest that credit growth could be limited to a meager 1-3 percent on average per year.

Sovereign Debt Crisis in Europe Recalls the Lost Decade in Latin AmericaFED

Euro area: Higher growth than in the US – what is going on?Nordea

German bonds measure success of eurozone QE – FT
What Wall Street Is Saying About The Sell-off in German Bunds – BB
Euro-Area Bonds Slump for Second Day, Extending $61 Billion Loss – BB

Grexit Risk? Don’t Underestimate It! – WSJ
Greece Scrambles To Make Full Monthly Pension Payments – ZH
A New Negotiation Team Must Now Close the Deal with EuropePIIE
Greece, Euro-Area Partners Target Deal by Sunday – BB
Greece signals concessions in crunch talks with lenders – Reuters

ECB publishes its Euro Money Market Study 2014 – ECB
Economic Bulletin 3/2015 – ECB
Developments in longer-term inflation expectations in the euro area – ECB
What has been driving consumer confidence? – ECB

Euro area annual inflation up to 0.0% - Eurostat
Euro area unemployment rate at 11.3% - Eurostat
Deflation over, but sticky unemployment – Berenberg
Household real income per capita slightly up – Eurostat
Euro area exits deflation but core inflation remains low – Danske Bank

FOMC Meeting: Still on track for a September hikeDanske Bank

Bernanke: WSJ Editorial Page Watch: The Slow-Growth Fed?Brookings
Bernanke's Latest Takes a Brutal Shot at the WSJ Editorial PageBB

No Growth In Personal Income, Spending Misses Expectations – ZH
U.S. Inflation Undershoots the Fed’s 2% Target for the 35th Straight Month – WSJ
U.S. data suggest economy picking up steam after weak first-quarter – Reuters

BoJ: downbeat inflation opens door for more QQE later – Nordea
Bank of Japan revises forecast lower but does not signal imminent easing – Danske Bank

Daily Central BanksWSJ
Schlesingers Take: Bank of Japan Moves Goalposts, Keeps Playbook — For Now * Slowing Growth is Giving the Fed Pause * Community Bankers Push Lawmakers to Fill Vacant Fed Seat * Eurozone Consumer Prices Steady in April, Easing Fears of Deflation * Bank of Japan Stands Pat as Inflation Weakens

Daily MacroWSJ
It seems world monetary policy is not a single monolithic plank led by the Fed. Thats especially proven by the actions of the central banks of two of the biggest emerging markets, which are taking diametrically opposed approaches to a problem that developed-country central banks really dont have: inflation.

Danske DailyDanske Bank

Big sell-off in EUR bond & equity markets * Plenty of central bank news * Eyes on inflation and cost data, end of negative inflation in the Euro area?

Morning Markets – TF

Daily FX CommentMarc to Market
Bond Rout Continues, Euro Marches Higher

Daily ShotTF
A look at credit conditions in the Eurozone shows a distinct improvement, with loan balances expanding and the money supply's growth accelerating. In other positive news, CPI data show that inflation may well have bottomed on the Continent.

Daily Press SummaryOpen Europe
New poll finds majority of British businesses want to stay in the EU but with powers returned to Westminster * La Stampa: Germany and ECB discuss plan to replace Tsipras * German BND spy agency helped US target France * Juncker pledges to push for EU-wide refugee quota system *

Equity Futures Spooked By Second Day Of Bund Dumping, EUR Surges; Nikkei Slides

FX UpdateTF
After a squeeze on USD longs that bordered on the disorderly going into the FOMC meeting yesterday, the new statement provided no further fuel to the move. Meanwhile, the BoJ boosted the JPY by making no indication that fresh stimulus is on the way.

From the FloorTF
After the FOMC meeting delivered no surprises, there was no reaction in terms of US rates. We need distinctly negative US news to drive the dollar weaker from here, if it is going to go any weaker.

Martin Sandbu’s Free LunchFT
Two meetings in Washington: The economic stakes in Abe's address to Congress and the Fed policy statement

USA: Parempia aikoja odotellessa | Riksbank piti ohjauskoron ennallaan  | Euroalueen luotonanto piristyi

Reijo Tossavainen: Toimittajilla on asennevammaSK
Eduskunnan jättäneen perussuomalaisen mielestä some vankistaa persujen asemaa.

PB: Suomen AkatemiaPäivän byrokraatti

Kreikka konkurssiin, sitäkö keskusta aikoo?TalSa

Tämäkö on Sipilän hallitus? Tutkijalla jo vahva näkemysUS

Jan Hurri: Talouskriisin suosittu selitys on epäuskottavaTalSa
Suomen talousanemia on tosiasia, ja sitä on selitetty epämääräisesti talouden rakenneongelmilla. Rakenneongelmiksi on nimetty milloin mitäkin, kuten Nokian matkapuhelinliiketoiminnan romahdusta.

Kokoomus julkisti vastauksensa Sipilän kysymyksiin – Kokoomus
Perussuomalaisilta vastaukset Sipilän kysymyksiin – PS
SDP:n vastaukset Sipilän kysymyksiin – SDP

Juha Sipilä sai puolueilta vastaukset kysymyksiinsä – IS
Sipilä perussuomalaisten vastauksiin: "kaukana keskustan näkemyksistä" – YLE
Sipilä: Perussuomalaisten vastaukset eivät tyydytä – HS
Keskusta ja kokoomus eri linjoilla eurokriisin hoidosta – IS
Eduskuntaryhmät vastasivat Sipilän kysymyksiin – YLE
Kynnyskysymykset jäivät vähiin, suuret puolueet tahtovat hallitukseen – YLE
Keskusta ja kokoomus löysivät pikavauhtia yhteisen EU-sävelen – IL
Mitkä puolueet hallitukseen? – HS