W/E: Weekly Support (updated!)
EUROPE
Euroscepticism may have silver lining – Hugo
Dixon / Reuters
Capital Economics’
case for quitting the EU is as unconvincing as its case for leaving the euro.
It's The Euro, Stupid – Frances Coppola / Forbes
EUROPEAN CENTRAL BANK
ECB Has Become Harder
to Predict Under Draghi – WSJ
European Central Bank President Mario Draghi has done a good job
recently of keeping markets and observers on their toes. Veteran followers of
the central bank’s moves say that he has developed a reputation of acting more
flexibly than his predecessor Jean-Claude Trichet. Yet this flexibility has a
flip side to it, namely that bank decisions are harder to predict than they
once were.
The ECB’s bridge too
far –
Bruegel
Rather than constituting a great success, OMT may well be remembered as
an error born of expediency. Worse, it could undermine the ECB’s hard-won
independence and credibility. That is an outcome that the eurozone might not
survive.
BANK OF ENGLAND
Look for Market to
Push Back Against Carney – Marc
to Market
The Bank of England's Quarterly Inflation Report will be released
tomorrow, followed by comments Governor Carney. He is expected to signal that despite the
7.0% unemployment threshold being approached, the recovery needs to strengthen
and there is sufficient spare capacity to allow this to happen without posing
inflation risks. Interest rates can stay
low for longer.
Forward Guidance Gets
a Shot in the Arm – WSJ
A steep fall in unemployment to just above 7% at the end of last year
has rendered the current form of guidance all but obsolete.
SWITZERLAND
CRISIS COUNTRIES
Meet The Men With The Plan Behind Italy's Bloodless Coup – ZH
Spanish Homebuyer
Offers Fell 23% Short of Asking Prices in 2013 – BB
Hollande's Vacuous
Rebranding – View
/ BB
UNITED STATES
The debt ceiling —
yes, again – alphaville
/ FT
Grand Central: What Can Fed Do About a Debt Ceiling Crisis? – WSJ
House Republicans Giving in to Democrats on Debt Ceiling – BB
YELLEN TESTIMONY
What to Watch for in
Fed Chairwoman Yellen’s Testimony – WSJ
Goldman's 5 Key
Questions For Janet Yellen – ZH
Yellen, new Fed
chair, takes hot seat at Capitol – Reuters
Grand Central: How to Watch Yellen’s Testimony – WSJ
Semiannual Monetary Policy Report to the Congress – FED
The Yellen Reaction: Stocks Down, Gold Down, Bonds
Frown – ZH
Goldman's Yellen Post-Mortem: A Snoozer – ZH
Yellen Echoes Bernanke In First Congressional Testimony As Fed Chair – Forbes
Yellen Says Recovery in Labor Market Far From Complete – BB
Janet Yellen Doesn’t Mince Words and More on Her Testimony – WSJ
Fed Might Pause Taper if Outlook Worsened Notably, Yellen Says – WSJ
Fed Urges Emerging Markets to Take Heftier Policy Actions to Stem
Capital Flight – WSJ
A Peek At Yellen’s Regulatory Agenda – WSJ
EMERGING
Competitive devaluation is a go, starting in the ‘Stans – alphaville /
FT
OTHER
Great Graphic: A
Decade of Fund Flows in One Chart – Marc
to Market
Commodities Update – Danske
Bank