Previously on
MoreLiver’s:
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat:
The Yellen Reprieve – WSJ
MORNING BRIEFINGS
Industrial production
in France and two US releases—the Bloomberg Consumer Comfort Index
and the monthly ICSC chain store sales report—are key numbers to watch today.
Market Preview: US budget talks and ECB monthly
report in focus – TradingFloor
European markets are
likely to open higher Thursday amid signs of progress in US budget talks and after Janet Yellen was
officially nominated for the Fed chief race by Barack Obama. Traders will eye
some macro data in the US and Europe later
today.
Danske Daily – Danske
Bank (pdf)
President Barack
Obama has scheduled meetings with House Republicans in a first sign of easing the
logjam.
Republicans are opening up to a short-term lift in the debt ceiling...Changes
to Obamacare
were no longer
mentioned. US Treasury secretary Jacob Lew will testify at 14:30 CET before the
Senate Finance Committee about the debt ceiling...With the world’s central
bankers gathered in the US for the IMF and World Bank annual meeting, we also
have a flood of speeches in the calendar today. Among others ECB president
Mario Draghi and Bank of Japan governor Haruhiko Kuroda are scheduled to speak.
Long US yields
rise and the curve steepens – these moves likely to continue today * Equities
show signs of a recovery * An increase in the debt ceiling a step closer * The
Fed’s decision not to taper in September a close call * Investors endorse all
the progress made in Spain * Italy launches a new 7-year bond with good demand
* Bank of England, jobless claims and Lew’s testimony
Aamukatsaus – Nordea
Fed jatkaa
täysillä ensi vuoteen * Sijoittajat hurraavat Espanjan uudistuksille * Englannin
keskuspankilta ei odoteta muutoksia rahapolitiikkaan
Aamukatsaus – Tapiola (pdf)
EUROPE
Lecture by Mario
Draghi, President of the ECB, at Harvard Kennedy School, Cambridge (USA), 9 October 2013
In a Hurry: Merkel Wants Coalition Partner in
Two Weeks – Spiegel
By the time the new
parliament holds its first meeting on Oct. 22, Chancellor Merkel wants to know
which opposition party she'll be governing with. But it could take much longer
to complete the actual coalition talks.
UNITED STATES
SHUTDOWN
/ DEBT CEILING
US Treasury Default Risk Hits 2011 Highs – ZH
Sneaky Solution To The Debt Ceiling – BI
First signs of federal government mess
impacting consumer spending – Sober
Look
Obama, Congress search for way out of fiscal
stalemate – Reuters
FEDERAL
RESERVE
FOMC Minutes Overtaken by Events – Tim
Duy’s Fed Watch
The opportunity for
even a small taper slipped through the hawks' talons. They should not be so unnerved. They pulled off a piece of flesh as they flew
past their prey, triggering a substantial monetary tightening as the term
premium jumped in response the tapering talk.
Still doves are again ascendant for the moment. Not only does the budget/debt showdown put
any tapering on indefinite hold, once again the Fed may be called upon to boost
the pace of asset purchases should financial markets crack.
Macro Digest: FOMC minutes show hunger for
taper – TradingFloor
September's surprise
decision not to taper makes a lot of sense now that the US government is in shutdown. But the FOMC
minutes suggest that the Fed will proceed with tapering—just probably not in 2013.
Kind of a Clown Show – Tim
Duy’s Fed Watch
Monetary policymakers
are viewing financial stability as an important element of sustaining maximum
employment and stable prices over the course of a business cycle. The challenge is that this involves a new
trade-off in the monetary policy process that they are struggling to
understand. Unfortunately, the public
debate they are carrying on is somewhat clownish in that it is sending
conflicting signals about the path of monetary policy. This is really not surprising. What exactly is the Fed's reaction function
if we throw financial stability into the mix?
They don't know any better than we do.
YELLEN
Top IMF Officials
Happy With Yellen Pick – WSJ
Yellen Can Do It All,
Unfortunately She Has To – WSJ
How Janet Yellen
should embrace the Fed’s dissenters – Felix
Salmon / Reuters
Yellen pick buys EMs
more breathing space – beyondbrics
/ FT
Yellen as Americans’
Favorite Shows Fed Is Captured by Democracy – BB
ASIA
IMF Official Doubts Japan Can Meet Inflation
Target in Two Years – WSJ
Valtion
tarkoitushan on... verottaa – Henri
Myllyniemi