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Thursday, September 21

21st Sep - After Fed, German elections

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Economists respond to Juncker’s State of the Union speech – voxeu

Angela Merkel's Bold Vision for Germany Can Wait –
What to expect from German elections – Open Europe

ECB's Top Officials on Parade Ahead of Key October Decision – BB
ECB Economic Bulletin, Issue 6 / 2017 – ECB
Draghi: Building on the achievements of post-crisis reforms – ECB
Euro zone governments, not the ECB must tackle bubbles: Draghi – Reuters

The Fed Buys into Secular Stagnation – PIIE
Fed Stays on Course While Taking Another Step on Normalization Path – Marc Chandler
Fed balance sheet reduction to start in October – ABN AMRO
Unchanged hiking signals as QT is set to begin next month – Danske Bank
FOMC: A Big Double Cheese Non-Burger – GMM

The Fed’s forecasts imply a tough (recessionary?) 2020 – FT
Fed Have You Down? JPMorgan Has a Pick-Me-Up – BB
Hawkish hold – FOMC review – Nordea
Taper to begin in October, rate intentions shift only marginally – Daiwa
Yellen Brushes Aside Inflation ‘Mystery’ While Fed Eyes Rate Hike – BB

Fed's 'Great Unwinding' lifts dollar, yields and bank stocks – Reuters
Poll Fed to hike again in 2017, balance sheet seen cut to $3 trillion – Reuters
Fed quietly opens the final chapter of its crisis-era bonds policy – Reuters
Deutsche Bank and Goldman Sachs on FOMC meeting – ZH
Fed Paves the Way for the ECB to Follow – WSJ
QE put to bed, the focus shifts to rate hikes – Pictet

Bond Tantrums Should Be Considered Good Economic Omens – BB
OECD: World Economy Is Set to Grow at Fastest Pace Since 2011 – BB
S&P Cuts China’s Credit Rating, Citing Risk From Debt Growth – BB
S&P Downgrades China To A+ From AA- Due To Soaring Debt Growth – ZH
SEC says hackers may have traded using stolen insider information – Reuters

Morning Report APACTF
The JPY continued its slide in early trading as the hawkish tone coming out of the Federal Reserve beefs up the USD. It's a boon for Japanese stocks but other Asian markets may have more mixed reactions

FirstFT Daily BriefingFT
Fed’s historic move, Google’s $1bn HTC deal, UK Labour’s uneasy truce

U.K. PM Warned of ‘Crunch Time’ on Brexit, Fed Hints at Another Rate Rise

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Fed hints at another rate hike in December; BoJ stands pat * ECB’s Draghi to speak – Norges Bank to stand pat * Fed to start balance sheet run-off, giving rise to the US yields * USD strengthens, EUR/USD retracts to a level below 1.19,

Morning MarketsTF
The US dollar rallied broadly as the Fed sounded the death knell for ultra-loose monetary policy. Asian stocks responded positively too and European indices are seen opening higher.

From the FloorTF
An increasingly 'lame duck' Fed kept policy basically unchanged on Wednesday, which was interpreted as mildly hawkish relative to market expectations, and the US dollar firmed on the announcement. Markets now look forward to a key Brexit speech on Friday from the British prime minister.

Daily Market Comment Marc Chandler
Market Digests Fed, Greenback Consolidates, Antipodeans Tumble

Brussels PlaybookPolitico
Barnier’s real Brexit thoughts — Markus Ferber banking conflict

Five Things You Need to Know to Start Your DayBB

Traders Yawn After Fed's "Great Unwind"


FX UpdateTF
The US dollar is on the comeback trail as the Fed more or less stuck to its guns on the policy forecast setting up an interesting game of cat and mouse in the months ahead as the market is still far behind the expectations curve.

Fed ilmoitti taseen normalisoinnin aloittamisesta | Norjan keskuspankki kokoustaa tänään | Dollari vahvistui 0,9 % euroa vastaan