17th Jun - Fed slowly for Sep hike, as expected

Previously on MoreLiver’s:

Tuesday: Still waiting for Fed & Greece

Monday: Waiting for Fed & Greece

W/E: Linkfest

W/E: Weekly Support

Friday: ”Greece has 24 hours"

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EUROPE

The miraculous story of Iceland – WaPo

You just have to get the big question right—what currency should I use?—and you'll have a decent enough recovery. The right monetary policy, in other words, can cover up a lot of mistakes. The question now is what Greece thinks of this.

If Greece can wreck it, how strong was euro in the first place? – The Independent

Leaving the euro would be a much better option for Greece. But politics points in one direction, economics in another

Finland Economic Outlook: Recovery will have to wait – Nordea

2015 will be the fourth consecutive year without growth in the Finnish economy. The economy has again been in a slight decline since last fall, so the pick-up in exports during this year will not be enough to turn growth positive. The growth forecasts for this year and the next have been revised downwards. GDP is expected to contract 0.2% in 2015 and grow 1.0% in 2016.

Read Commission’s lips: Pay more taxes – Politico

The European Commission is taking aim at corporate tax avoidance in the EU with a politically ambitious set of proposals it says would make it tougher for multinational companies to take advantage of legal loopholes.

  GREECE

Another turn for the worse in Greek crisis – Politico

Bank of Greece Issues Grexit Warning, in Move Certain to Intensify Bank Run – Yves Smith

The ins and the outs of the ins and outs of Greece – Polemic’s Pains

Grexit – what if? Summer crunch time is near - but no solution this week – Danske Bank

Greece can give ground but no more pension cuts – Reuters

Greece's future in EU in doubt if talks fail, central bank warns – Reuters

What happens next if Greece defaults on IMF? – Reuters

Debt Truth Committee Preliminary Findings – Hellenic Parliament

Committee Just Declared All Debt To The Troika "Illegal, Illegitimate, And Odious" – ZH

EU confronts Greek legal puzzle – Politico

Key dates on the road to a possible Grexit – FT

Tsipras Vows to Reject Unfair Deal as EU Braces for Collapse – BB

Contagion Is Back as Greece Risks Trump QE on Europe’s Periphery – BB

  EUROPEAN CENTRAL BANK

Should ECB End This Crisis Fighting Policy? – WSJ

Euro area: Contagion or just volatility? – Nordea

Greece-related worries have come back to haunt the markets, and this time the worries look much more real than has been the case in general recently. Bond market spreads have seen huge volatility, and this volatility has not been limited to the Periphery. The volatility will no doubt continue in the coming days and weeks, but another sovereign debt crisis remains only a distant possibility. The Euro area has the tools to prevent another explosion in bond yields, even in the case of a Grexit.

  DATA

UK: Highest wage growth since the beginning of 2009 – Danske Bank

Bank of England Sees Faster Wage Growth – WSJ

Great Graphic: US and UK Wages – Marc Chandler

Annual inflation up to 0.3% in the euro area – Eurostat

UNITED STATES

  FED JUNE MEETING

Statement – FED

Projections – FED

FOMC Projections and Press Conference – Bill McBride

FOMC Forecasts Improvement, Weaker Inflation, Sets Tone For Sep Hike – ZH

Broad Decline In "Dot Plots" Suggest Fed Rate Hike Confidence Shaky – ZH

Fed Cuts 2015 Growth Outlook, Officials Still Favor 2015 Rate Rise – WSJ

How the Fed Statement Is Moving Markets in 4 Charts – WSJ

How the June Statement Changed from April – WSJ

Fed says U.S. economy still strong enough to handle rate hike – Reuters

Federal Reserve: Rate hike likely before year-end – WaPo

FOMC Sticks to Its Course – Marc Chandler

Economists React to the Fed’s June Statement: ‘Mixed Messages’ – WSJ

Yellen Explains Why Everything Will Be Awesome In The Future - Live Feed – ZH

US Macro Live, Yellen presser edition – FT

Fed lift-off still likely in September – Nordea

REGULARS

Daily Central Banks – WSJ

Hilsenrath’s Take: U.S. Productivity Slowdown Lurks as Wildcard on Fed Meeting Day * Some of the Fed’s Dots Will Be More Equal Than Others * Fed Seeks Feedback on ‘Stress Tests’ * Greek Central Bank Warns of ‘Uncontrollable Crisis’ if Bailout Talks Fail * Bank of England Sees Faster Wage Growth

Daily Macro – WSJ

Greece, Fed Keep Investors on Tenterhooks

Morning MoneyBeat Asia – WSJ

U.S. Stocks Rise

Morning MoneyBeat Europe – WSJ

Can the Fed Wrest Attention from Greece?

Morning MoneyBeat US – WSJ

What Investors Are Trying to Glean From the Fed

Danske Daily – Danske Bank

Global Daily – ABN AMRO

Yellen tiptoes to rate hike * FOMC statement set to adopt more positive tone on economy… * … paving the way for a rate hike in September * Economic sentiment in Germany hit by Greece and higher bond yields

Euro rates update – Nordea

Eye-Opener – Nordea

Fed to signal rate hike in September ”Graccident” worries boosting bonds while stocks don’t care Greece’s PM Tsipras is hurling insults

Morning Markets – TF

The big news is never the only news, and today's FOMC meeting must contend with Greek tensions, UK jobless data and a New Zealand GDP update for investor attention. Who are we kidding, though? Barring a last-minute meltdown on the part of, say, Alexis Tsipras (or UK employment?), the Fed remains the one to watch.

Daily FX Comment – Marc Chandler

Sterling Steals Some of Fed's Spotlight

Daily Shot – TF

Only few Fond managers expect a Grexit. While the situation surrounding Greece remains unclear, recent data suggests the core of Europe is in a relatively good shape.

Daily Press Summary – Open Europe

Greece exchanges barbs with creditors as deal looks distant

Brussels Playbook – Politico

US Open – ZH

Futures Rebound As Yellen's Market-Lifting Track Record Offsets Greek Gloom

Frontrunning – ZH

FX Update – TF

The market is expecting very little from tonight’s FOMC, meaning that it will be very easy to surprise this market, especially on the hawkish side. Still, it is more likely that the reaction function will be dominated by sentiment rather than any new rhetorical hints from Yellen and company.

From the Floor – TF

Greece may shout for attention in the way that only Greece can, but really, all eyes tonight are on the FOMC and what sort of timeline it may tentatively hint at for that much-talked about rate hike.

FINNISH

Aamukatsaus – Nordea

Nordea päivittää Suomi-ennusteen tänään | Iso-Britannian inflaatio kiihtyi nollan yläpuolelle | Fedin kokous on luvassa tänään

Kauas elpyminen karkaa – Nordea

Nordea synkkänä: Suomelle neljäs peräkkäinen vuosi ilman talouskasvua – Verkkouutiset

”Ei hyvältä näytä” – Suomen velkaantuminen jatkuu – Verkkouutiset

Valtiovarainministeriö ennustaa Suomen julkisen velan kasvavan. Vienti piristyy vasta vuosina 2016 ja 2017.

Neuvo Ruotsista: Älkää leikatko nyt – KL

SEB:n pääekonomisti Robert Bergqvist varoittaa julkisen talouden leikkauksista keskellä taantumaa.

Komissio tekee uuden ehdotuksen EU:n yhtenäisestä yritysveropohjasta – Verkkouutiset

Euroopan komissio haluaa uudistaa vaiheittain yritysverotusta Euroopan unionissa veronkierron torjumiseksi ja verotulojen turvaamiseksi.

Suomen kokoiseen osavaltioon tuli 100 000 somalia - mitä tapahtui sen jälkeen? – Verkkouutiset

Harvemmin uutisissa käsitelty somalien virta Yhdysvaltoihin saa huomiota maan maahanmuuttopolitiikkaa pilkkaavassa kirjassa.

Ei pakkokiintiöille – Vain 10 EU-maata 28:sta kannattaa taakanjakoa – Suomen Uutiset