Previously on MoreLiver’s:
Special: Bailout of Cyprus (updated)
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Daily Interest Rate Monitor – Global
Macro Monitor
Recap – Global
Macro Trading
The Closer – alphaville
/ FT
Tomorrow’s Tape: Nonfarm Payrolls, Trade Deficit – WSJ
Europe: Safe-Haven Flows Drag Swiss 2Y Rates To 3-Month
Lows – ZH
US: Down, Up, Down, Up… – ZH
EUROPE
UniCredit’s Ghizzoni Favors Using Big Deposits
in Bank Failures – BB
The Cyprus bailout
deal is a watershed in the unfolding eurozone crisis, but imposing losses on
banks’ depositors violates the deposit-insurance guarantee that forms part of
the proposed European banking union, while the imposition of capital controls
further erodes the monetary union’s foundations. So, is Europe chasing its
tail?
Covered Bonds Avoid Euro-Crisis Chaos – WSJ
A string of bailouts
for governments and banks across Europe has left just one type of bank debt
untouched: covered bonds.
The recent political history of Greece
highlights the risk that the euro might become unaffordable for the mass of
Europeans – Europp
/ LSE
UNITED STATES
Fed’s Evans and Lockhart Discuss How QE3 Could
End – WSJ
Two Fed officials said
they want to press forward with central bank bond buying for now, although one
allowed the Fed may soon have enough information to decide whether it can pare
back or stop its most aggressive form of stimulus.
Fed's Yellen: Communication in Monetary Policy – Calculated
Risk
73-Year Chart Comparing Estimated Shiller PE
Returns to Actual Returns – Greenbackd
PAYROLL PREVIEWS
Employment Situation Preview – Calculated
Risk
There is always some
randomness to the employment report, but my guess is the BLS will report
somewhat below the consensus of 193,000 jobs added in March.
Why Friday’s payrolls report may disappoint – MacroScope
/ Reuters
The consensus from a
Reuters poll of 71 economists is for 200,000 jobs to have been created in
March. The strong forecasts come on the back of the 236,000 jobs gained in
February when economists had predicted only 160,000. That may be too hard to
realise especially since data since then has thrown enough reasons to doubt a
strong rebound.
ASIA
In the last two weeks,
tension on the Korean peninsula has risen dramatically, as North Korea has threatened to target US territories in the
Pacific and blocked South Korean workers from entering a joint industrial
complex in the North. In this week’s podcast, John Aglionby is joined by Geoff
Dyer, diplomatic correspondent and Jamil Anderlini, Beijing bureau chief, to discuss whether Kim Jong-eun’s
escalating rhetoric is purely sabre-rattling or if we should be worried about
his threats.
JAPAN
Kuroda follows the path of Volcker and
Greenspan – The
A-List / FT
Stephen King: So far,
so good. The commitment is most definitely there and the ambition has now been
well-defined. Yet Japan is not yet out of deflationary trouble and, even in the
event of the monetary equivalent of the Great Escape, it might still all end in
disappointment.
Bank of Japan Getting Better at Playing With
Markets – WSJ
The BoJ massive – alphaville
/ FT
For those who need a
rundown of what the BoJ actually did, here’s a summary from Nomura:
Check Out Yen’s Explosive Move After BOJ
Meeting – MarketBeat
/ WSJ
Make no mistake, the
Bank of Japan just pulled out all the stops to boost its flailing economy.
OTHER
Central banking roundup – Free
exchange / The Economist
EMEA Weekly – Danske
Bank (pdf)
Mapping The Witch-Hunt Of The World's Offshore
Bank Account Holders – ZH
Six Steps To "Stash Your Cash"
Offshore – ZH