Previously
on MoreLiver’s:
ECB's Comprehensive Assessment (updated)
W/E: Weekly Support (updated)
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Fed’s
grand experiment draws to a close – FT
Markets
look to central bank to steady the ship as QE3 sets sail
Farewell
QE3, but what’s next?
– FT
EMs are a diverse bunch. They might all
get drenched in a storm, but some could yet prosper in the sunshine.
Markets
position for Fed’s next move – FT
Many now
expect US rate ‘lift off’ to be pushed back
Fed set
to end one crisis chapter even as global risks rise – Reuters
An
important symbolic step, the end of the purchases still leaves the Fed far from
a normal posture. Its balance sheet has swollen to more than $4 trillion,
interest rates remain at zero, and, if anything, recent events have increased
the risk the U.S. central bank may need to keep propping up the economy for
longer than had been expected just a few weeks ago.
Fed
Decision Day Guide: FOMC Seen Focusing on Too-Low Inflation – BB
With the
FOMC poised to halt bond purchases, ending its third round of so-called
quantitative easing, policy makers may want to underscore they are troubled by
falling inflation and price expectations.
Where
Does the Fed Go After QE3 Goes Away? – WSJ
FOMC
Meeting – Tim Duy’s
Fed Watch
Print
Less but Transfer More – Foreign
Affairs
Why Central
Banks Should Give Money Directly to the People
Fed
preview: softer tone on inflation but bar for QE4 is high – Danske
Bank
The Fed’s October Meeting – At A Glance – WSJ
How Effective Were Fed Bond Buys? A QE Research Bibliography – WSJ
The
Fed’s experiment in quantitative easing is coming to an end – WaPo
FOMC:
End of QE3, Shorter Statement – Calculated
Risk
US: Fed to end QE – FOMC preview – Nordea
Despite the
recent market turmoil, we expect the Fed to end its QE programme at this week’s
FOMC meeting, which concludes on Wednesday. However, we expect the Fed to make
it clear that there are no plans for tightening yet. A more direct
acknowledgement of downside risks posed by global factors is likely. Treasuries
look set to record modest gains after the Fed’s statement, while the curve
could flatten a bit. Dollar bulls should not worry much either.
Fedspeak
Cheatsheet: What Are Fed Policy Makers Saying? – WSJ
What Fed
officials have said about the outlook for the economy and monetary policy since
their meeting September 16-17.
Worried
on low inflation, Fed seen offering soothing words – Reuters
The U.S.
Federal Reserve this week will likely reinforce its stated willingness to wait
a long while before hiking interest rates after a volatile month in financial
markets that saw some measures of inflation expectations drop worryingly low.
US
Federal Reserve set to halt asset purchases – FT
The end of
US Federal Reserve asset purchases this week marks the climax of an
unprecedented monetary campaign, but there is no room for a triumphant
declaration of victory.
The largest
economic experiment in history is ending – Finansakrobat
Fed
Touchy About Touching Rate Guidance – WSJ
Fed policy
makers meeting Tuesday and Wednesday are likely to debate whether to keep the
language in their previous policy statements pledging to keep their benchmark
rate near zero for a “considerable time” after their bond-buying program ends.
Merrill
Lynch: FOMC Preview
– Calculated
Risk
Goldman
Sachs: FOMC Preview
– Calculated
Risk
Specter
of no-inflation world looms over Fed's return to normal – Reuters
After months
of focus on slack in U.S. labor markets, the Federal Reserve
faces a new challenge: the possibility that weak inflation may be so firmly
entrenched it upends the return to normal monetary policy.