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Friday, June 15

14th Jun - Fed and ECB

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Joseph E. Stiglitz: Can the Euro Be Saved?Project Syndicate 
Across the eurozone, political leaders are entering a state of paralysis: citizens want to remain in the EU, but they also want an end to austerity and the return of prosperity. So long as Germany tells them they can’t have both, there can be only one outcome: more pain, more suffering, more unemployment, and even slower growth.

Federico Fubini: When Populism Comes Home to RoostProject Syndicate
It remains to be seen if the emergence of a Euroskeptic, anti-establishment government in Italy will pose a threat to the euro and the European Union. But it is already clear that Europe's mainstream politicians bear as much responsibility as Italians for the country's populist wave.

Leonid Bershidsky: On Trade, Merkel Joins Trump on the Low RoadBB
Like the U.S. president, the German chancellor is cherry-picking numbers to buttress a narrative of victimization.

Ferdinando Giugliano: Emmanuel Macron Misses a Chance to Stay Quiet
The dispute with Italy over the Aquarius migrant ship was diplomatically inept and hypocritical.

Different paths for Italian public debt

ECB to End Bond Buying in December in Watershed for Stimulus –
Bond purchases end in December, rates unchanged until Summer 2019 – ZH
Introductory statement to the press conference –
Eurosystem staff macroeconomic projections – ECB
ECB Cuts 2018 GDP Forecast, Raises Inflation Outlook –

Euro Craters After Hawkish ECB – Marc Chandler
Draghi Ends ECB Bond-Buying Era Saying Economy Can Beat Risks – BB
Taper without tantrum –
ECB: Solomonic end to QE -  ING
ECB: The anticipated end of QE – ING

The euro sell-off after the ECB: All a bit much? – ING
Marcus Ashworth: Mario Draghi Offers Something for Everyone – BB
What Was Hit Hardest By the Dovish ECB? Not the Euro – WSJ
Rate guidance is now the ECB’s key policy tool – ABN AMRO
ECB: the end of constructive ambiguity – Pictet

Mario Draghi Might Never Get to Raise Rates at the ECB – BB
ECB calls time on €2.4tn bond-buying programme – FT

Federal Reserve issues FOMC statement – FED
FOMC Projections materials – FED
Fed meeting confirms our forecast for tightening – Pictet
FOMC: A Small, but Notable, Shift in the Dots – Daiwa
FOMC Hikes Rates As Expected, Signals Two More Rate Hikes In 2018 – ZH

FOMC Signals Two Hikes in H2, Sends Greenback Higher – Marc Chandler
Fed hikes by 25bp, signals two more hikes this year and three next year – Nordea
Four hikes more likely after removal of soft wordings – Danske Bank
Fed hikes - puts a glossy spin on the economy – ING
Federal Reserve sticks to the plan, despite global risks –

What if Central Banks are not the Main Reason Rates are Low?Marc Chandler

Pompeo says North Korea sanctions to remain until complete denuclearizationReuters


EU Open RundownRANsquawk

Market Briefing: Daily Markets OverviewYardeni Research

FirstFT Daily BriefingFT
Comcast’s big bid, Pompeo in Asia, Westminster’s victims

Comcast Joins the Hunt for Fox, QE Decision Time for the ECB

WSJ EconomicsWSJ
The Fed Raises Rates, the White House Eyes More Tariffs on China

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Dollar Punished Ahead of ECB

Brussels PlaybookPolitico
In European Parliament we trust — Is he having a gaffe? — Jourová talks tough

Five Things You Need to Know to Start Your DayBB

Exhausted Traders Prepare For This Week's Final Surprise From Mario Draghi

Aamukatsaus – Nordea
Päättääkö EKP tänään kokouksessaan arvopaperien osto-ohjelman päättämisestä? | Fed nosti korkoaan odotetusti ja liikkui haukkamaisempaan suuntaan | Tänään luvassa Ruotsin ja Suomen inflaatiolukuja, jalkapallon MM-kisat alkavat