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Thursday, January 28

28th Jan - Again rudderless

Previously on MoreLiver’s:

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Financial assistance provided to countries in difficultiesECA
Auditors complain about the euro crisis management
Finland continued economic nightmareLars Christensen
Leave the euro or wish for a dovish ECB - and free labour market.

Europe Needs Stimulus. Just Not Draghi's KindView / BB
Fiscal spending it has to be?

IORPs Stress Test Report 2015 EIOPA
European pension schemes ‘vulnerable to big market downturn’Politico
Pension system could survive, unless markets crash

In charts: how Italy’s bad loans built up FT

EU’s passport fraud ‘epidemic’ – Politico
Sweden to expel up to 80,000 asylum seekers – Politico
EU’s passport fraud ‘epidemic’ – Politico
Europe Faces Decision Time on MigrationPIIE
Joakim Ruist: Fiscal cost of refugees in Europevox

Noah Smith: Free Trade With China Wasn't Such a Great Idea View / BB

Why the Manufacturing Contraction Might Not Signal a RecessionWSJ

5 Things to Watch in the Fourth-Quarter GDP ReportWSJ
Fed puts March rate hike off the table – ABN AMRO
Less ‘confident’ Fed likely to stay on hold in March as well – Danske Bank
FOMC Recap – Tim Duy
Fed on hold in March, ‘only’ two hikes this year – Pictet
The Fed makes the best of the bad situation it created – The Economist
Fed Signals Its Thinking on Controversial Inflation Gauges – WSJ

Labour market reforms, growth and inequality: A new datasetvox
Labour market liberalisation is both one of the most important structural reforms and one of the least well understood. This is partly due to a lack of data. This column introduces a new index of labour market regulations rigidity covering over 140 countries from 1950 onwards. Trade liberalisation and per capita income are shown to be more powerful explanations of the dynamics of labour market reform than ‘legal origins’.
Bridgewater's Dalio Now Has the Most Profitable Hedge FundBB

Morning MoneyBeat AsiaWSJ
U.S. Stocks Slide on Not-Dovish Fed

Morning MoneyBeat USWSJ
Fed Adds Its Name to Those Cautious on the Economy

Danske DailyDanske Bank

Euro rates updateNordea

FOMC leaves options open, wariness dominates, new Fed forecasts * BoJ to remain sidelined * US 10-year yield climbs back above 2%

Morning MarketsTF
US equities took a dip yesterday as the FOMC stated (in so many words) that it too sees all those clouds on the horizon. The grim sentiment seen so far this year however hasn't always been matched by correspondingly dismal macro data.

Daily FX Comment Marc Chandler
Dollar-Bloc Currencies Advance, Sterling Too

Daily ShotTF
The outlook for oil is still far from being good. Due to that chances for production cuts are getting better. Recent news helped lifting the share prices of Facebook (after hour) and Weight Watchers.

Matt Levine’s Money StuffView / BB
Tickets, Boutiques and Reactions

Daily Press SummaryOpen Europe
Cameron scraps trip to Denmark and Sweden for crunch talks with Juncker on renegotiation * European Commission warns Greece it could face suspension from border-free Schengen area * Sweden aims to deport half of last year’s asylum seekers * European Commission sends Portugal warning over 2016 budget

Brussels PlaybookPolitico
Tax D-Day — Visions of EU doom — Passport free-for-all

Futures Bounce Fades As Oil Treads Water, Italian Banks Turmoil, Chinese Stocks Won't Stop Falling


FX UpdateTF
Yesterday’s FOMC statement was a fairly dovish downgrade from the December announcement and rate hike but the market had thoroughly priced it in so the question has quickly turned to “Now what?” Cue the Bank of Japan tonight.

From the FloorTF
With interest rates unchanged it becomes increasingly important to parse what exactly central banks are saying.

Fed nostaa kolmesti * Ruotsin teollisuuden luottamus kohosi ennätyskorkealle * USA:n korot sahasivat Fedin kokouksen ympärillä * Fedin varovaisuus heikensi dollaria

Economic Survey of Finland 2016OECD