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Article IV Consultation with the Euro Area Concluding Statement – IMF
A cyclical recovery is underway, supported by policy actions that have improved confidence and reduced deflation risks. But the medium-term outlook remains subdued, calling for a comprehensive policy response to secure lasting growth. A concerted commitment should build on four key pillars: continuing demand support, cleaning up bank balance sheets, accelerating structural reforms, and strengthening further the economic governance framework to better incentivize reforms.
Mario Draghi and the Holy Grail – Frances Coppola
Mind the (Greek) gap – Politico
Angela’s angst – Politico
Merkel points finger at Athens – Politico
Paul Krugman: Thinking About the All Too Thinkable – NYT
Eurogroup Meeting Ends Without A Deal, Greek Belligerence Grows – ZH
ECB not sure if Greek banks will be able to open on Monday: officials – Reuters
Framework of a Compromise Begins to Take Shape – Marc Chandler
Greece: it can’t get *that* much worse, can it? – FT
The Eurozone’s cover-up over Greece – Simon Wren-Lewis
Varoufakis says euro zone 'dangerously close' to "accident" – Reuters
Euro zone 2012 promise on Greek debt still valid, but conditions not met – Reuters
Euro zone has not discussed Greek debt restructuring proposal – Reuters
Euro zone sets emergency summit on Greece – Reuters
EU Calls Emergency Summit After Talks Fail – BB
EU calls crisis summit as Greece talks fail – FT
Daily Central Banks – WSJ
Hilsenrath’s Take: A Roadmap for 2015 and other Takeaways on Fed June Meeting * Fed Sees Gradual Rate Hike; Leaves Rate Unchanged * Merkel Maintains Tough Stance on Greece as Deadline Looms * ECB Allots €73.8 Billion to Banks in Latest Round of Four-Year Loans * Norway Cuts Interest Rates, Says Further Reduction Likely
Daily Macro – WSJ
FOMC Impact Already Fading as Greece Fears Intensify
Morning MoneyBeat Asia – WSJ
U.S. Stocks Jump, Nasdaq Hits New Record
Morning MoneyBeat Europe – WSJ
Greek Central Bank Ups the Ante
Morning MoneyBeat US – WSJ
Fed’s Easy-Does-It Approach Soothes Wall Street
Danske Daily – Danske Bank
Global Daily – ABN AMRO
FOMC to hike rate this year, likely in September * The “dot plot” with FOMC rate hike expectations shows more gradual pace of rate hikes thereafter * Markets further scale back rate hike expectations.
Euro rates update – Nordea
Eye-Opener – Nordea
Central banks, US inflation and Danish election Bond markets calm down a bit EUR/SEK unable to break lower.
Morning Markets – TF
The New Zealand dollar has dropped to a low of 0.6905 against the greenback after poor economic growth data for the first quarter of 2015. The dollar has also dropped against a basket of currencies after the unexpectedly dovish statement from the FOMC.
Daily FX Comment – Marc Chandler
Seven Things on Our Radar Screen
Daily Shot – TF
Grexit is not only a term said very often, but also searched for increasingly on Google. Amid the Greek payment deadline markets are betting on either a last-minute solution or on a rather limited "contagion" effect. Meanwhile in China property prices seem to have stabilized and tech firms are delisting in the US for better valuations in China - where factory workers and retirees are willing to use their savings to buy these firms' shares. The Chinese value economic freedom very high a recent survey shows.
Daily Press Summary – Open Europe
Tsipras: We’re ready to say “big No” to bad deal for Greece
Brussels Playbook – Politico
US Open – ZH
Dollar Tumbles After Fed Whiffs Again; More Cracks Appear In Chinese Stock Bubble
Frontrunning – ZH
FX Update – TF
We hardly have time to react to the US FOMC meeting before facing other critical event risks today, including SNB and Norges Bank meetings and ongoing uncertainty on the fate of Greece.
From the Floor – TF
Yesterday's FOMC statement surprised to the dovish side, sending the USD reeling. Incredibly enough, however, the kiwi managed to head lower against even a weakened greenback as New Zealand released a dismal set of growth numbers. Perhaps NZD and USD traders should move their holdings into platinum?
Aamukatsaus – Nordea
Kreikka koukkaa pääomakontrollin kautta | Fed: Päättäväisesti eteenpäin | Olemme päivittäneet Venäjän talousennustettamme
Kreikan hetki lyö – Verkkouutiset