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Friday, May 20

20th May - G7 to fiddle this weekend

Previously on MoreLiver’s:

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The Berlin Wall Is Long Gone. Now a New Divide Threatens Europe – BB
EU to back temporary halt on visa-free travel – Politico

Now or later? Euro zone, IMF at odds over when Greece should get debt relief – Reuters
Assigning Blame for Greece's Unbearable Debt – View / BB

This Week’s Brexit Briefing – At A Glance – WSJ
Will Brexit Destroy Britain and Europe? - Project Syndicate

Friends and Enemies of Fiscal Stimulus Are Gathering for G-7 – BB
CFR Backgrounder: The Group of Seven – CFR
Market Impact of Brexit Is Key Concern for G-7 Finance Chiefs – BB
Lacking new ideas, G7 to agree on 'go-your-own-way' approach – Reuters

ECB worried about inflation expectationsABN AMRO
ECB account of April’s monetary policy meeting underlines the central bank’s readiness to ease policy further … as the risks to economic growth remain tilted to the downside …and the central bank worries about low inflation expectations and second-round effects of low inflation on wage and price setting. We continue to think that the ECB will probably further step-up and lengthen its QE programme in the second half of this year.

Draghi Reaches ECB Stimulus Milestone With Long Road Ahead BB
Central bank’s balance sheet set to pass target set in 2014 * With euro-area inflation lacking, ECB isn’t ready to slow down

Danske DailyDanske Bank

Euro rates updateNordea

Brent bounces, Bremain boosts GBP, Dudley added no fuel to the fire * Podcast on Brexit and the Nordics * No more fuel to the bond sell-off from NY Fed’s Dudley * Brent oil prices up 3.5%

Morning MarketsTF
The Fed's sudden wave of enthusiasm for a move on interest rates is likely to get fresh ballast later today when another Fed member speaks at 1300 GMT.

Daily Market Comment Macro Man

Daily ShotTF
The ECB's governing council feels that the Eurozone's governments are not doing enough. Labor reforms are especially important.

Daily Press SummaryOpen Europe
BoE may need to cut rates even if UK remains in EU * IMF says idea of Eurozone buying out its Greek bailout loans “makes sense” despite not being aware of plans * Polish PM: Commission has problem with its reputation, not Poland * EU to adopt 'emergency brake' visa-free travel for non-EU citizens * France to patrol Channel to prevent migrants crossing to Britain in boats * ECJ ruling could undermine attempts to keep terror suspects out of the UK * Germans prefer Steinmeier to Gabriel as centre-left Chancellor candidate

Brussels PlaybookPolitico
More MEPs — Turkey’s new PM

Futures Rise As Fed Fears Subside; Global Stocks Rebound From Six Week Lows


FX UpdateTF
The Fed was out again banging the market over the head to ensure that it prices in the risk of a Fed hike as early as June as the New York Fed’s Dudley specifically pointed to highs odds of a June move. The USD was higher but momentum eased somewhat as the Fed’s plans are still contingent on incoming data.

From the FloorTF
The US dollar extended the impressive rally triggered by this week's resetting of US interest rate expectations and the Fed's William Dudley added his voice to those of his counterparts indicating that the next Fed tightening move could well come this summer.

USA:n asuntomarkkinat kipuavat ylöspäin * EKP:n huhtikuun kokouspöytäkirjassa ei yllätyksiä * Fedin Dudley piti kesäkuun tai heinäkuun nostoa mahdollisena * ​Tänään pidetään G7-maiden kokous