Quote of
the Day:
My guess is that the ECB will not do any of these things. It will continue blaming eurozone governments for not implementing structural reforms. Eventually, it will adopt a programme of asset purchases that is too small, which it will abandon prematurely at the first sign of recovery. The result is that the eurozone will end up looking like Japan, but with one difference. Countries whose policy goes off track have nowhere to go. The member states of a monetary union have alternatives. By failing to deliver on its inflation target, the ECB could give member countries a good reason to leave the eurozone: they could have a better central bank. My advice to the ECB: do not let that happen. (Münchau / FT)
Previously
on MoreLiver’s:
W/E: Weekly Support (updated!)
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EUROPE
ECB in
policy limbo, boxed in by its own plans – Reuters
The ECB is
in a policy no man's land, bombarded by news of a stagnating euro zone economy
but hesitant to move forward with new stimulus until measures it loaded in June
have ignited.
Whatever
the ECB decides to do, the Swiss example may prove more instructive than the
arguments of its former central banker.
Nadia
Kazakova: Gas set to re-emerge as critical weapon in Ukraine conflict * Ukraine could re-route gas meant for Europe as early as October * Ruble,
Gazprom share price almost certain to take significant hit
Is the
eurozone’s problem excessively small government? – The Money Illusion
UNITED KINGDOM
UK inflation falls more than expected,
reduces chance of 2014 rate rise – Reuters
U.K. Inflation Slows More Than Forecast,
Supporting BOE Stance – BB
BOE’s Euro-Zone
Inflation Conundrum – WSJ
RISKS BUBBLING UNDER
Iceland Prepares for Volcanic Eruption as
Tremors Persist – BB
Airlines
Urged to Heed WHO on Ebola So Flights Continue – BB
UNITED STATES
MACRO NUMBERS
Core CPI Rises At Slowest Pace In 14
Months – ZH
Key Measures Show Low Inflation in
July – Calculated
Risk
Housing Starts increase to 1.093m Annual
Rate in July – Calculated
Risk
Housing
Permits, Starts Surge Driven By Rental Housing Scramble – ZH
Housing
Starts Reverse Last Month's Big Miss – Bespoke
A few
comments on July Housing Starts – Calculated
Risk
Housing
Starts: Insight – Bespoke
A look
behind the headline housing starts report – Sober
Look
ASIA
RBA Sees
Uncertain Growth Outlook as Rate Pause Reaffirmed – BB
Australia’s central bank said the nation’s
economic outlook remains uncertain because of the conflicting forces at play
and reiterated that interest rates are set to remain on hold.
OTHER
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed’s Exit Strategy Quietly Taking Shape As September Meeting Approaches
* Fed Economists Criticize SEC Money-Fund Restrictions * Slowing U.K. Inflation
Eases Pressure on BOE for Early Rate Rise
Daily
Macro – WSJ
Tensions in
markets have eased somewhat, in part because conflicts in various regions have
also eased…But as the week goes on, all focus will turn to discussions about
monetary policy as preparations get underway for the Kansas City Fed’s
conference in Jackson Hole, Wyo., at which both Fed Chairwoman Janet Yellen and
ECB President Mario Draghi are scheduled to speak.
What’s
on the Docket for Global Central Banks This Year? – WSJ
An
interactive Global Central Banks Calendar,
Carney
still on fence as Eurozone rivals get ready for showdown – TradingFloor
BoE minutes
eagerly awaited * Germany locks antlers with Italy and France * Weak USD faces political
resistance
FINNISH
Viro palauttaa tarkastukset Schengen-rajoille Obaman
vierailun takia – Verkkouutiset
Kokoomus vs. muut – Hannu
Visti
Kun kannatuksen kova ydin on vaaleista toiseen eräänlaisissa
protestiäänissä, puolue on täysin immuuni kaikelle kritiikille, sillä tätä kivijalkaa
ei kiinnosta kun ei se edes tiedä puolueen ohjelmasta juuri mitään.