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Wednesday, August 17

17th Aug - Mixed FOMC minutes


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Joseph Stiglitz: A split euro is the solution for Europe’s single currencyFT

The Euro Area Workforce is Aging, Costing Growth – IMF

German ministries at odds over Turkey terror assessmentPoliticoWolfgang Schäuble: EU needs Turkey for migration crisisPolitico

El-Erian: What to Expect From the Fed's Minutes – BB
Last Minute FOMC Minutes Preview, And How To Trade Them – ZH
FOMC July meeting minutes – FED
Fed Members Split Over July Hike, Fear Financial Risks From Low Rates – ZH
Fed Officials Split in July on Whether Rate Hike Needed Soon – BB
Fed policymakers divided over whether to raise rates soon: minutes – Reuters
Traders Buy Everything After Fed Minutes Send USD Lower – ZH
Treasuries Rise With U.S. Stocks as Fed Minutes Signal Low Rates – BB

Martin Enlund: Global: are FI markets too complacent?Nordea
In light of comments by NY Fed Dudley that the bond market "looks stretched", it could be worth pondering whether he might actually be right. While central banks are buying long bonds like never before, this has not prevented yields from correcting higher in for instance 2013 and 2015.

Aurelija Augulyte: JPY: relentless, but stoppableNordea
The JPY strength reflects global uncertainties, also seen in lower global yields lately. Once the Fed repricing takes place and rate normalization cycle resumes, the JPY will reweaken broadly.

Yield Forecast UpdateDanske Bank
Still some potential for higher yields next year

Danske Daily – Danske Bank

The Fed Who Cried Wolf, Japan jawboned JPY, Eyes on Minutes * FOMC minutes unlikely to provide much rate guidance * Japan jawboned the JPY * Markets too complacent?

Morning MarketsTF
Wednesday finds European markets preparing to open in uncertain mode following unnervingly volatile trading in the US dollar and core government bonds on Tuesday and amid fresh uncertainty about Fed interest rate policy that dragged on US stocks and undermined sentiment.

Euro wrap-upDaiwa

Daily Market Comment Marc Chandler
Dollar Snaps Back

Daily Market CommentMacro Man
Show me the money

Daily Press SummaryOpen Europe
German Europe Minister says Britain likely to have bespoke relationship with EU, but rules out ‘cherry picking’ * New ONS figures show fall in unemployment benefit claims post-Brexit * Iceland’s government moves to relax capital controls * Rajoy’s party set to accept conditions to begin government formation talks with Ciudadanos * Germany says Turkey supports terrorist groups

Brussels Playbook Politico
Cash for passports backlash — Orbán tax flip-flop flap

European Stocks Drop, Futures Flat As Rising Dollar Pressures Oil, EMs: All Eyes On The Fed Minutes


FX UpdateTF
Comments from the New York Fed’s William Dudley yesterday supported the US dollar after it had punched through key supports. This was an interesting technical reversal but one that will require supportive comments from today’s FOMC minutes if the USD is to sustain a rally.

From the FloorTF
Talk is normally cheap but yesterday's double blast of verbal intervention from the US and Japan made for big moves in USDJPY and big money for the well-positioned.

Brasilia nauttii olympiahurmasta keskellä taantumaa * USA:n korot nousivat Fedin jäsenten kommenttien myötä * Punta sai jalansijaa pitkän heikentymisputken jäljiltä * Tänään julkaistavasta Fedin pöytäkirjasta etsitään vihjeitä koronnostosta

Merkelin asema vaakalaudalla?Verkkouutiset
Turkkia koskeva terrorismipaperi kuohuttaa Saksaa, Sosiaalidemokraattinen hallituspuolue SPD haluaa paperin parlamentin käsiteltäväksi.