Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
Daily Risk Monitor – Global
Macro Monitor
The Closer – alphaville / FT
US: Stocks End Losing Streak With Low Volume Limp Higher – ZH
EUROPE
More Fiscal Integration to Boost Euro Area
Resilience – IMF
Eurozone: IMF proposes a fiscal union and
common unemployment insurance –
Presseurop
Crisis exposed
important gaps in architecture of the euro area * Strengthened fiscal
governance and cross-country insurance mechanisms would reduce likelihood and
severity of future crises * Providing a common fiscal backstop for the banking
union is most pressing need
European Growth According to Pimco: Uneven and
Slow – WSJ
While Europe has
emerged out of recession, the relative tightness of monetary policy means the
eurozone is still struggling to get back to potential pre-Lehman growth rates *
The ECB should be able to maintain stability over the cyclical horizon while
policymakers continue to address outstanding issues as they look to build a
less vulnerable monetary union * We are
selective in our approach to regional credit and remain neutral on the euro,
balancing our cyclical outlook with longer-term secular concerns on the
eurozone outlook and valuations.
Are budgeteers ready for the Rehn treatment? – Brussels
blog / FT
This year, for the
first time in EU history, every eurozone member must submit its national budget
to Rehn’s office for review within the next two weeks – before they are debated
by national parliaments.
Forget Recovery: This Is What Total European
Monetary Collapse Looks Like –
ZH
Carlos da Silva Costa,
Governor of the Bank of Portugal, at the "Portugal post-Troika" economists meeting, Lisbon, 5 July 2013.
UNITED STATES
DEBT
CEILING / GOVERNMENT SHUTDOWN
Failure to Raise the Debt Ceiling Would Be
‘Catastrophic’ – WSJ
What Happens to Jobs Report if Government Shuts
Down? – WSJ
US Corporate Profits at All-Time High as GDP
Growth Holds at 2.5 Percent – EconoMonitor
US CDS Spikes To 5-Month High, How To Trade The
Debt Ceiling Showdown – ZH
Don’t just raise the debt ceiling. Get rid of
it forever. – Wonkblog
/ WP
The Federal Government's Budget: Basic Facts
You Need To Know – Reason
FEDERAL
RESERVE
The Federal Reserve Policymaker Bias
Cheat-Sheet – ZH
Fed officials admit communication problems over
taper – Reuters
The Fed confused
financial markets over scaling back bond buying, two senior officials said on
Thursday, with one arguing the central bank should explicitly link tapering to
drops in the jobless rate to be more predictable in the future.
Fed's Stein: need to
be more predictable on bond taper – Reuters
Fed did not try to
surprise market with stimulus delay: Stein – Reuters
Fed’s Stein Favors
Linking Taper to Labor-Market Indicators – WSJ
Jeremy Stein
would make a great No. 2 at the Fed. This speech shows why. – Wonkblog
/ WP
Fed should target
faster decline in jobless rate: Kocherlakota – Reuters
Fed's Kocherlakota
urges more stimulus, not necessarily more QE – Reuters
Fed official: It is
time for resolve in fighting unemployment – Wonkblog
/ WP
Fed's Lacker says hard
to start tapering in Oct without losing face – Reuters
Dudley: Brief remarks about the centennial "The
Fed at 100" Exhibit – BIS
(pdf)
MACRO
NUMBERS
Pending Home Sales
Index declines 1.6% in August – Calculated
Risk
ASIA
OTHER
Emerging Markets: What has Changed – Marc
to Market
EMEA Weekly, Week 40 – Danske
Bank (pdf)
FINNISH
En ole
kriisitietoinen – Akateeminen talousblogi
Ero
Emusta, mutta ei nyt, ei yksin eikä Kreikan kanssa – Esko
Seppänen