EUROPE
EUROPEAN CENTRAL BANK
Monetary policy
decisions – ECB
Introductory statement
to the press conference – ECB
Macroeconomic projections – ECB
Live comments on ECB meeting – FT
Recap: ECB Keeps the Toolbox Closed – WSJ
ECB Does Nothing,
Draghi Explains Why, Euro Rallies – Marc
to Market
All talk, no action
from ECB disappoints markets – TradingFloor
Juhani Huopainen: The European Central Bank's meeting left rates
unchanged and did not introduce any new easing measures to combat deflationary
threats. Instead, Draghi explained why its monetary tools would not work. The
markets took note and took the EURUSD higher.
ECB meeting -
featuring The Zlack – Merkelnomics
Over the last month’s, the ECB had often put many market participants
off the scent. With today’s meeting, this confusion should hopefully end. New
action is still possible but only if tensions in the money market increase
and/or the inflation outlook worsens. Until then, the ECB will lean back and do
nothing, enjoying what Draghi called the island of stability.
No policy shift from
ECB despite low inflation – Reuters
ECB left interest rates on hold and unveiled no other measures to
bolster a fragile euro zone recovery on Thursday, despite forecasting low
inflation for years to come.
ECB holds rates,
looks at back door measure to loosen policy – Reuters
Draghi says deflation
danger should abate as economy revives – BB
UNITED STATES
EMPLOYMENT REPORT
Due to the unusual winter, a weak report will be generally played down
by many, if not most economists, including those in policy positions. Second, and what follows from this, is that
almost regardless of the report, the trajectory of Fed policy remains
intact. That means the Fed continues to
taper.
5 Things to Watch in
Friday’s Jobs Report – WSJ
Did the labor market’s winter slump continue in February? The Labor
Department’s monthly jobs report, due out Friday at 8:30 a.m. Eastern, could
provide clues about whether the U.S. economy is losing steam or whether the
cold weather is to blame for the recent stretch of weak economic data.
Vital Signs: Job
Security Is On the Rise – WSJ
FEDERAL RESERVE
This is why the Fed
should start worrying about inflation again – WaPo
A strong possibility that unemployment rate has hit the 6.5 percent
threshold the Fed has set for considering raising interest rates. As it turns
out, that threshold is also an important marker for the behavior of inflation.
Fed’s Fisher Worried
About Creating Financial Imbalances – WSJ
Fed may fall 'behind
the curve' if GDP keeps growing: Plosser – Reuters
MACRO NUMBERS
Factory Orders Miss 3rd Month In A Row As Inventories Hit Record High – ZH
U.S. factory orders,
shipments fall in January – Reuters
U.S. household wealth
above $80 trillion; boosted by stocks, housing – Reuters
U.S. retailers say
business picked up later in February – Reuters
EMERGING
With China's legislature
meeting in Beijing, officials are
setting out their goals for the year and offering a rare degree of press access
in a flurry of news briefings. Economists weigh in.
EM’s dark debt
squeeze exposure – FT
We have of course been here before. During the subprime crisis
unexpected sums of dark debt emerged from off-balance sheet bank liabilities,
SIVs and such the like. The impact, as we all now know, was immense. But
there’s a very good reason to suspect that “dark debt” hasn’t gone away
entirely.
OTHER
Russian officials are pushing for the IMF to move ahead with planned
reforms without the United States, which could mean
the loss of the U.S. veto over major
decisions at the global lender, sources said.
Bad is good, might be
bad, but is definitely bullish – FT
In today’s weird world of investment, the big risk is that growth is too
slow because it will leave policy too loose which could cause bubbles that
ultimately will be bad, we think. It’s not just Cold War warriors longing for
the days of simple structures they could understand.
John J. Hardy: ECB president Draghi sent the Euro ripping higher as
anticipation of an ECB easing move was once again disappointed. Elsewhere, the
JPY was the weakest of the weak and the greenback is also looking green in the
face ahead of payrolls tomorrow.
FINNISH
Mitä jos Maidan tapahtuisi Kreikassa? – Tom
Packalen / US
Vaihtotaseylijäämä sopii taantuvalle
taloudelle – Roger
Wessman
Ukrainalle esitetään nopeaa sopimusta EU:n
kanssa – Verkkouutiset
EU jäädyttää Janukovitshin ja 17
ukrainalaisen varat –
TalSa
Aavekaupunkeja, kiinteistökuplia, varjopankkeja
– Kiinan talousihme–
Verkkouutiset
Kiinan historiallisen talouskasvun tuottanut
hallinto- ja talousrakenne on kääntymässä itseään vastaan, arvioidaan
Elinkeinoelämän valtuuskunnan tuoreessa analyysissa.
Näinkö kävisi, jos eurojytky tulisi? – Verkkouutiset
Euroopan parlamentin valtapuolueiden yhteistyö
tiivistyy todennäköisesti entisestään, jos euroskeptiset populistipuolueet
saavat toukokuun vaaleissa odotetun vaalivoiton, torstaina ilmestyneessä Ulkopolitiikka-lehdessä
arvioidaan.
Stubbin vaalimatka ministeriön piikkiin? – PS
Ministeri ei saa teettää vaalikampanjaansa
avustajilla tai maksattaa sitä ministeriönsä varoilla. Kampanjatyö on tarkasti
erotettava virkatyöstä. Mutta muuttuko ministerin koko päivä virkatyöksi, jos kiivaan
kampanjapäivän lomaan ujutetaan yksi näennäinen virkatehtävä?
Nato-vaalit syksyllä – IS
Pääministeri Jyrki Kataisen (kok) hallitus on
törmännyt seinään, tai itse asiassa seiniin, yrittäessään hoitaa valtakunnan
asioita.