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Thursday, March 16

16th Mar - Fed/Dutch rally sputters

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What Merkel wants from Trump – Politico
Sovereign spreads in the Eurozone: Redenomination versus political risk – vox
Italian debate on merits of ditching euro grows louder – FT
Bank of England maintains neutral stance with hawkish twist – Danske Bank

Dutch Election Results – PM Rutte’s VVD beats them all – ABN AMRO
How to lose but win: 5 takeaways from the Dutch election – Politico
Wilders Defeat Is No Reason for Complacency – BB
The Dutch want more Europe, not less – Nordea
Dutch election: First defeat for populists in Europe – Danske Bank
"Relief For Europe": Wall Street Analysts React To The Dutch Election – ZH

If there is One Thing Investors and Foreign Officials should Know about the US... – Marc Chandler

Military wins in first Trump budget; environment, aid lose big – Reuters
Factbox: Trump budget boosts military, slashes domestic programs – Reuters
Winners and losers in Trump’s budget – Reuters
Goldman Warns: "More Notable For What's Not Included" – ZH

Economists React: ‘An Opportunistic Federal Reserve Raises Rates’ –
Fed prefers to wait-and-see – ABN AMRO
The Fed Raises a Rate—But Faster Tightening Depends on Congress – PIIE
Editorial: Needed Soon From Fed: Normal Monetary Policy – BB
Mohamed El-Erian: The Fed Delivers a Hike and a Message – BB
FOMC Review – Daiwa
Markets react well to Fed hike – Pictet
Market’s Dovish Reaction to the Fed May Have Even Surprised the Fed – WSJ

BoJ: no action but loose policy still desired – Nordea
G20 to sidestep trade issue due to discord with U.S.: Schaeuble – Reuters
China treads closer to a day of debt reckoning – FT

Morning Report APACTF
The Fed raised rates as expected but its dovish comments hurt the US dollar and boosted precious metals. Meanwhile oil prices have rebounded on an unexpected drop in US crude inventories.

FirstFT FT
Dutch spurn populist Wilders, Obama’s letter to a monk, and the New Zealand river given legal status as a person

Dutch Rebuff Nationalists, City’s View on Bank of England, Fed Enters New Phase

Danske DailyDanske Bank

Dovish Fed and no Dutch upset derailed the dollar * Norges Bank, BoE and SNB today * A significant rally in US Treasuries * USD undermined by plunge in real rates

Morning Markets TF
The People's Bank of China swiftly raised rates on its short-term funding operations for banks after the US Federal Reserve hiked the Fed funds rate by a quarter point. Perceived Fed dovishness sparked a rise in US stocks which spilled over into Asian equity markets on Thursday. Commodities rallied in Asia after the Fed's hike.

From the FloorTF
The right-wing populist Geert Wilders got far fewer votes than expected in the Dutch election, which allowed market participants to search for risk. The US Federal Reserve's dovishness that came with a quarter-point rate hike had the same effect.

Daily Market Comment Marc Chandler
Greenback Consolidates Losses as Yields Stabilize

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US Open ZH
Global Stocks Soar To Record Highs On "Dovish" Fed, Dutch Vote


FX Update TF
The US Federal Reserve raised interest rates as widely anticipated on Wednesday and adjusted policy forecasts higher but not as high as the market had expected and the USD knee-jerked lower. While the move was sharp and large is there much more to wring out of the story?

Hollanti valitsi Euroopan * Fed nosti ohjauskorkoaan odotetusti 25 korkopisteellä * USA:ssa otetaan tänään uudelleen käyttöön velkakatto * Tämän päivän tärkeimmät tapahtumat ovat Englannin, Sveitsin ja Norjan keskuspankkien kokoukset