Quote of the Day: So the ECB is going down the 1990’s BoJ route.
They are talking about price stability with Unemployment at 12.2% and rising. –
Global
Macro Trading
Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Europe: Bonds Plunge Most In 3 Months, Stocks Slump –
ZH
US: Massive 3:30 PM Ramp Puts Silver Lining On Unprecedented FX
Fireworks – ZH
EUROPE
EU-China trade war: Europeans, comply or
else... – Presseurop
China Daily, Beijing –
Following the European Commission decision to tax imports of Chinese solar
panels, Beijing has decided to launch a probe on European wine imports. And if
the 27 do not get the message, other retaliatory measures will follow, warns
the Chinese official newspaper.
ECB
Mr. Draghi and the Key ECB Takeaways (So Far) – WSJ
ECB afterthoughts: Tighter than expected – TradingFloor
The ECB left interest
rates unchanged, as was expected, but the press conference was even more
hawkish than predicted. The EURUSD looks like it has still further upside
potential.
ECB comment: Short action: “yes”, long words:
“well… not much” – Nordea
Flash Comment - ECB meeting: Draghi warns
politicians – Danske
Bank (pdf)
Key points from the ECB press conference – Money
Supply / FT
Recap: ECB Cuts Growth Outlook – WSJ
Waiting for the recovery – Free
exchange / The Economist
Draghi Says – Marc
to Market
Eurosystem staff macroeconomic projections for
the euro area – ECB
(pdf)
Press conference Mario Draghi: Introductory
statement to the press conference – ECB
IMF
& GREECE
The corollary of
Draghi’s view is that it becomes difficult to ever admit to making a mistake.
Nobody has resigned,
or missed a day’s pay, or faced any kind of censure from an elected body,
despite the withering indictment just issued by the IMF. Worse yet, the basic
conceptual policy errors that led to this tragic episode have not been fully
corrected.
UNITED STATES
Fed’s Plosser Calls for Too-Big-to-Fail Banks
to Hold More Capital – WSJ
A U.S. central bank official repeated his
dissatisfaction with current efforts to reduce the risk of too-big-to-fail
banks, and said he instead wants these mega financial firms to hold higher
levels of capital as a way of protecting the economy.
Dodd-Frank isn't close to implemented – Wonkblog
/ WP
5 Things to Know Ahead of Jobs Report – WSJ
How Many Jobs Does It Take to Bring Down
Unemployment? – WSJ
Forward Markets: Macro Strategy Review – The
Big Picture
FED
Quantitative Quicksand – Project
Syndicate
The US Federal
Reserve's expansionary monetary policy has failed to bolster demand and
employment growth, while embedding inflation in America's future. Moreover, it has distracted
attention from the real problems facing the US economy, which monetary policy is powerless to
solve.
Inflation, not jobs, may hold key to Fed exit – MacroScope
/ Reuters
Fed's Q1 Flow of Funds: Household Mortgage Debt
down $1.3 Trillion from Peak, Record Household Net Worth – Calculated
Risk
OTHER
The dark side of homeownership – Reuters
Owning your home, long
a pillar of the American dream, could actually be bad for the economy. In a new
paper, economists Andrew Oswald, of the University of Warwick, and David
Blanchflower, at Dartmouth, found that rates of high homeownership lead to
higher rates of unemployment in both the United States and Europe.
EMEA Weekly – Danske
Bank (pdf)
FINNISH
EU-komissio
kiistää jyrkästi IMF:n Kreikka-moitteet – HS
Lehti:
IMF vähätteli Kreikan säästöjen tuhoja – HS
Kreikan
velkasaneerauksen ehto: optio-oikeus Kreikan kaasuvaroihin – Vesa
Kanniainen, Tuomas Malinen / US Puheenvuoro
EK ja
nollasopimukset – Valtteri
Aaltonen / US Puheenvuoro
Tilapäistyövoima hoituu kuitenkin aivan yhtä
hyvin tarvittaessa töihin kutsuttavien sopimuksilla. Nämäpä sopimukset eivät
vaan Elinkeinoelämän keskusliitolle riitä, koska jo voimassa oleva laki rajaa
niitten käyttöä juuri tilapäiseen työvoimantarpeeseen ja tosiassa EK:n
tähtäimessä on ihan muu kuin tilapäinen työ.