Previously on MoreLiver’s:
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: McCain Sparks Stocks Best Day In A Month As Bonds Drops To 25 Month
Low – ZH
EUROPE
Draghi Gets Another Chance to Push ECB’s
Forward Guidance – WSJ
The value in vague – alphaville
/ FT
JP Morgan economist
really would like the ECB chief to use the opportunity to expand upon the word
“extended” when offering interest rate guidance.
The intergovernmental
method established by the Maastricht Treaty may well be insufficient to
overcome divisions between member states, however, the much vaunted solution of
radical federalism is even less viable. If a balance is to be restored, a
compromise must be found.
UNITED STATES
Fed exit options, table du jour – alphaville
/ FT
Which part of future
Fed tightening “is now completely up in the air”? The answer (according to
Societe Generale) is in the useful table
It's the what, not the who – Free
exchange / The Economist
Larry Summers will be
the next chairman of the Federal Reserve. It is roughly as unclear as it has
always been, which is very, what that will mean for monetary policy.
OTHER
Beware the EM central bank FX swap trend – alphaville
/ FT
If you’re an central
bank in emerging markets, struggling to keep your economy stimulated/protected
from hot money flows, using swaps or FX sales is a tempting and viable
alternative to interest rate hikes. And generally speaking, the BNP EM
strategists argue, swaps provide for a richer toolset for most central banks.