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Wednesday, July 29

29th Jul - Fed explains not much


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Great Graphic: Unit Labor Costs in EMUMarc Chandler

Here's How Much the Strong Dollar Hurts American CompaniesBB
USD strength caused a third of the recent decline in U.S. companies' foreign subsidiary profits

Here's What to Watch for in the U.S. GDP ReportBB
5 Things to Watch in Thursday’s GDP ReportWSJ

Monetary policy statement – WSJ
Fed statement tracker – WSJ
Parsing the Fed: How the July Statement Changed from June – WSJ
First impulse was a slightly dovish read – TF
FOMC Closer to September Hike, Even If the Market Doesn’t Think So – WSJ
Only ‘some’ further progress needed for September rate hike – Danske Bank
Fed Hike Moving into Focus – Marc Chandler
Hilsenrath Confirms Inflation Concerns May Delay "Liftoff" – ZH
Goldman Says Don'tt Read Too Much Into Fed Statement – ZH
Fed more upbeat on economy, unclear on timing of rate hike – WaPo
FOMC RecapTim Duy
Fed says economy improving; September rate hike in view – Reuters
Fed Says Labor Market Improves as It Moves Toward Rate Rise – BB

Daily Central BanksWSJ
Hilsenrath’s Take: A Split Decision Looms from Fed on Job and Inflation Goals * Janet Yellen’s First 18 Months Running the Fed—By the Numbers * Regulators Give First Feedback on ‘Living Wills’ * Wanted in China: A Reassuring Face for Investors * BOJ Expects New Inflation Measure to Rise

Morning MoneyBeat AsiaWSJ
U.S. Stocks Recoup Monday Losses, and Then Some

Morning MoneyBeat EuropeWSJ
Equities Stable Ahead of Fed

Morning MoneyBeat US WSJ
Valuations Take Back Seat to Market Breadth Worries

Danske DailyDanske Bank

Euro rates updateNordea

Big drop in US consumer confidence *^The first Fed hike is not fully priced in until January 2016 * USD to gain on FOMC unless risk sentiment deteriorates markedly

Morning MarketsTF
Amid the "distractions" of sinking commodities, Greece's petulant toying with the Eurozone exit door and the alarming clatter of a Chinese slowdown/equity crash, the day we've all been waiting for has finally arrived – FOMC meeting.

Daily FX CommentMarc Chandler
Markets are Hopeful for Fed Clues

Daily ShotTF
The US remains one the world's stronger economies as well as one of the few nations where macro trends show a determined upward trajectory. Ahead of today's FOMC meeting, however, there are a few signals that not everything is coming up roses in America.

Daily Press SummaryOpen Europe
Osborne: We should think of EU as a “single market of free trade” * Varoufakis could face criminal prosecution over alleged hacking of Greek online tax system * House of Lords EU Committee warns renegotiation needs to be clearer and more transparent * Senior Polish MEP: Eurozone integration will leave Poland at a disadvantage * MEPs approve plan to track and store details of air travellers in and out of the EU * Calais crisis escalates as 1,500 attempts made to storm Eurotunnel

Brussels PlaybookPolitico
NATO backs Turkey — The Quadriga? — EU’s Ghost Parliament

Violent Government Buying Spree Sends Chinese Stocks Soaring At Close Of Trading; Yellen On Deck


FX UpdateTF
We’re slightly biased for a hawkish FOMC tonight, as the market hasn’t really responded to Yellen’s previous, relatively hawkish guidance, and the language change for the statement may shift rhetoric to allow for a possible September move.

From the FloorTF
The dollar is holding fire and in consolidating mode ahead of today's Federal Open Market Committee meeting.

Suomen asuntojen hinnat: Ensivaikutelma pettää | Tänään on luvassa Fedin kokous | Britannian BKT kasvoi vuoden toisella neljänneksellä 0,7 prosenttia

Suomen investointilama ja orastava suurtyöttömyysRaha ja Talous / Image
Jos Suomessa halutaan puuttua työttömyyteen, on investointi- ja kysyntälama pystyttävä päättämään.  

Entä Väyräsen malli?Roger Wessman
On mahdollista, että euroero on pitkällä tähtäimellä parempi ratkaisu. Arvioni on kuitenkin, että euron hajottamisen välittömät kustannukset ovat niin suuria ja sen tuomat hyödyt niin kaukaisia ja epävarmoja, että en uskalla sitä suositella, vaan pikemmin pyrkisin tekemään eurosta mahdollisimman toimivan.