Fed minutes came out - and the message seems to be mixed and open for interpretations.
There are decades when nothing happens and there are weeks when decades happen.
– Vladimir Lenin
Previously
on MoreLiver’s:
Roundups & Commentary
News
Briefing (August 15–21) – qfinance
News – Between
The Hedges
Markets – Between
The Hedges
The Closer
– alphaville / FT
Recap –
Global Macro Trading
Roundup – Kiron
Sarkar / The Big Picture
Tyler’s European Summary – ZH
Spot
The Odd One Out
Tyler’s US Summary – ZH
Gold
Up, Stocks Up, Bonds Up, VIX Up; That Is All
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Banks are preparing for “Grexit” – presseurop
The worst-kept secret of the big US and
European banks? They're preparing for the worst: the exit of Greece from the eurozone and
even the break-up of the eurozone itself
Citi Sees Greek Exit As Soon As September – ZH
http://www.zerohedge.com/news/citi-sees-greek-exit-soon-september
Multiple expansion is dramatically 'rich'
compared to sovereign risk changes and is now at the top-end of the euro-zone
crisis range. Couple
of charts from UBS.
European Crisis Monitor – The Big Picture
Bloomberg’s
daily brief on Europe
In praise of debt mutualisation – alphaville
/ FT
HSBC has a remarkably sunny note out on the
prospect of unlimited bond market intervention by the ECB, driving short term
sovereign yields significantly lower. (full note link in the article)
Europeans — too different to get on together – Dagens
Nyheter / presseurop
Above and beyond the diverging economic
performance of EU countries, cultural differences between the people of Europe constitute the main obstacle to the
creation of a homogeneous European society. Given the extent of these
divisions, it is not surprising that the European project has run into
difficulty.
Dollar Shortage Hits Highest Number Of European
Banks In Six Months
– ZH
http://www.zerohedge.com/news/dollar-shortage-hits-highest-number-european-banks-six-months
USA
Inflation Should Be Feared – Opinion
/ NYT
Could A Central Bank Fail To Inflate? – Slate
FOMC minutes
FOMC to
discuss again in Sept but more QE likely – The
Big Picture
FOMC
minutes to the July 31 / August 1 meeting – alphaville
/ FT
FOMC
Minutes: “many members” wanted more easing if growth not picking up – ASA
Fed Minutes Suggest More Stimulus Coming Soon – MarketBeat / WSJ
The biggest hint yet the Fed will act – Wonkblog / WP
Fed Minutes Suggest More Stimulus Coming Soon – MarketBeat / WSJ
The biggest hint yet the Fed will act – Wonkblog / WP
QE3′s
Coming in September, No Doubt; Unless it Isn’t – MarketBeat
/ WSJ
No Shift In
Fed's Views, Even As Many Members See More Easing Likely Warranted – ZH
It's All
About The Data – Tim
Duy’s Fed Watch
Dovish FOMC
minutes keep QE3 hopes alive in markets – Nordea
Discussion
of policy tools the FOMC "might employ" – Calculated
Risk
BofAML: The Fed-Equities Nexus – ZH
We are in an anti-Goldilocks period in which
the data are too hot for clear-cut Fed easing, but too cold to support a
sustained rebound — anything but “just right”.
The Fed, the fiscal cliff and coming recession
in 2013 – Credit
Writedowns
The CBO and the fiscal cliff — revised – alphaville
/ FT
CBO anticipates that the economic slowdown
brought about by fiscal tightening, coupled with a lack of inflationary
pressure, will prompt the Federal Reserve to embark on another round of
large-scale asset purchases by early 2013, thus helping to hold down the rate
on 10-year Treasury notes.
Fiscal cliff scenarios - the Credit Suisse
version – Sober
Look
http://soberlook.com/2012/08/fiscal-cliff-scenarios-credit-suisse.html
http://soberlook.com/2012/08/fiscal-cliff-scenarios-credit-suisse.html
Morgan Stanley: Ryan Pick Clarifies the Policy
Debate – ZH
US housing inventory at post-crisis lows – Sober
Look
OTHER
Market Perspectives August – Guggenheim
(pdf)
if the link
does not open, try “save as”
Copper Leads Global Growth – The
Short Side of The Long
Very nice and
long piece of the markets from the point of copper.
EM Bond Snapshot - August 2012 – Danske
Bank (pdf)
China risks a repeat of Japan’s boom-bust disaster
20 years ago as exorbitant property prices combine with a demographic tipping
point, a top Japanese official has warned.
IN FINNISH
Oikeuskansleri vaatii valtiovarainministeriöltä selvitystä
EVM-sopimuksesta – YLE
Yle: Oikeuskansleri vaatii selvityksen eduskunnan
EVM-tiedoista – TalSa
Rehn: "Suomi teki oman maalin Euroopan
joukkueessa" – YLE
Komission vpj Olli Rehn UM:n suurlähettiläspäivät
Helsingissä – EC
Eufex: Päättäjätkin tietävät, että euroalue nykymuodossaan
on puhdas mahdottomuus – AP
"Euroalueella ei ole enää yhteisiä
rahamarkkinoita" – TalSa
Rehn: Kriisimaille on annettava rahaa – TalSa
Kreikan pääministeri "takaa henkilökohtaisesti"
lainojen takaisinmaksun – TE
Espanja ei kiirehdi pankkirahaa - roskapankki pystyyn ensin –
YLE
Asiantuntija: Pankkiunioni katkaisisi valtioiden lainapiikin
– YLE
Helsingin Sanomat 22.8.2012, eurokriisi ja älyllisyyden
puute – Tyhmyri