10th Feb - Yellen does not make big promises

Previously on MoreLiver’s:

Tuesday: Bear market continues

Monday: Yellen's testimony this week

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EUROPE

Peter Praet: The ECB and its role as lender of last resort during the crisis – ECB

  MIGRANT CRISIS

EU pushes Greece and Italy to do more on migrants – Politico

Officials Mull 2 Year Schengen "Suspension" – ZH

EU: Reintroduction of Border Checks Would Cost up to €18 Billion a Year – WSJ

  DEUTSCHE BANK

DB’s CoCo Bonds Collapse Schäuble tries soothing, but plunge gets worse – Wolf Richter

DB's CoCo Payments Hinge on Obscure Accounting Metric – BB

DB Jumps as Lender Said to Consider Bond Buyback – BB

DB Will Have Government Backing If Needed, Mack Says – BB

John Mack: Don't Worry, It Will Be Bailed Out – ZH

UNITED STATES

  YELLEN’S TESTIMONY

Citi’s Englander: What Yellen Could Say To Unleash A Market Surge – ZH

Yellen’s testimony – FED

Live analysis: Fed Chief Janet Yellen’s Report to Congress – WSJ

Macro Live, Yellen testimony – FT

Yellen: Global slowdown, market turmoil could weigh on U.S. economy – WaPo

Yellen Sounds a More Cautious Note on U.S. Economy – NYT

Yellen cites global risks but says U.S. should motor through – Reuters

Yellen Signals Fed Rate Path Hinges on Whether Turmoil Persists – BB

Yellen Hints At Accommodative Fed, But Does Not Go "Full Dove" – ZH

Fed Reveals Which "Developments To Financial Stability" Most Worried About – ZH

Goldman's Take: "Additional Hikes Remain FOMC Baseline" – ZH

What Yellen Is Talking About When She Talks About Financial Conditions – WSJ

Yellen Sends Fed Futures on Roller-Coaster Ride – WSJ

OTHER

The Markets are sending Central Banks a Message – Global Macro Trading

The message from bank shareholders seems to be clear: stop the easing. There is a big difference between liquidity concerns, solvency concerns, and profitability concerns. The order of importance is respective.

JPM: ECB Could Cut Rates To -4.5%; BOJ To -3.45%; Fed To -1.3% - ZH

How the Bank Debt That Everyone Is Talking About Works: Q&A – BB

CoCo bonds were created after the crisis to prevent bailouts * Value of bank CoCos are falling amid concern about payments

Developed World’s Bank Selloff Just Caught Up With Emerging Markets – WSJ

Abort, Retry, Fail? – Macro Man

In a very real sense, the Fed faces the same difficult choice as the ECB and BOJ, and indeed must feel the same level of frustration that computer users encountered: Abort, Retry, Fail?

The Global Crisis special issue of Economic Policy – vox

The Global Crisis was a watershed, not just for economies around the world, but for economics as a discipline...The papers chart the evolution of economists’ thinking on the causes of and cures for the Global and EZ Crises.

The use and effectiveness of macroprudential policies: New evidence – vox

Which policies are most effective in reducing the growth rates of overall credit and household and corporate sector credit, and explores differences across countries, degrees of avoidance, and whether policies work better during booms or busts.

[10/2015] Breaking Through the Zero Lower Bound – IMF

There has been much discussion about eliminating the “zero lower bound” by eliminating paper

currency. But such a radical and difficult approach as eliminating paper currency is not necessary.

REGULARS

Evening MoneyBeat US – WSJ

U.S. Stocks Fight to a Draw, Look to Yellen Testimony

Morning MoneyBeat US – WSJ

Janet Yellen Heads to Capitol Hill

Danske Daily – Danske Bank

Euro rates update – Nordea

Eye-Opener – Nordea

Asia is in red again * All eyes on Yellen * Confidence is needed to keep yields off new lows * Lower-than-expected inflation today could weaken the NOK

Morning Markets – TF

As the global equities rout roars onward crude oil has dipped below the $30/barrel marker once more and markets are bracing themselves for the day's key event – Fed chief Janet Yellen's testimony before the US Congress starting at 1500 GMT.

Daily FX Comment – Marc Chandler

Listen Carefully, She's Yellen

Daily Press Summary – Open Europe

Marine Le Pen pledges UK-style EU renegotiation if elected French President * German MP: UK’s EU referendum could be influenced by worsening migrant crisis if held in June * White House: US-EU trade deal unlikely to be concluded before Obama’s term is up * Trade data show goods exports to non-EU states grow slightly, as those to EU states decline significantly * Regulators yet to ask banks to draw up Brexit contingency plans * Juncker’s top aide claims his boss has greater democratic legitimacy than Renzi

Brussels Playbook – Politico

Germany’s NATO ambush — Juncker vs Renzi — Trump and Sanders win

US Open – ZH

European Banks Soar On Rumor ECB May Monetize Bank Stocks; Japan Crash Continues

Frontrunning – ZH

FX Update – TF

Former Minneapolis Fed president favours negative rates * BoJ's recent switch to negative failed entirely to weaken yen * Negative rates are bad for banks and therefore self-defeating * Markets are desperately afraid and need some support from Yellen

From the Floor – TF

Investors continued the broad move away from equities and risky assets in today's Asian session but Saxo Bank head of equity strategy Peter Garnry says that the recent plunge in Deutsche Bank's share price has gone too far.

FINLAND & FINNISH

Aamukatsaus – Nordea

Korot pysyvät vielä paineen alla * Yellen pyrkii tyynnyttelemään markkinoita tänään * Euroopan osakkeet jatkoivat eilen laskussa * Saksan teollisuustuotanto supistui

TEM: Turvapaikanhakijoista vain harvalla edes ammatillinen koulutus – YLE

Tyypillisimpiä ammatteja turvapaikanhakijoiden keskuudessa ovat kokki, parturi ja autonkuljettaja. Luku- ja kirjoitustaidottomia on omalla äidinkielellään viidesosa ja englantia osaa kymmenisen prosenttia, kertovat työ- ja elinkeinoministeriön ennakkotiedot.

Kotouttamisen hintalapussa "puhutaan sadoista miljoonista euroista" – Verkkouutiset

Oikeus- ja työministeri Jari Lindströmin (ps.) mukaan Suomella on edessä melkoinen savotta oleskeluluvan saaneiden ihmisten kotouttamisessa.

Raportti: Heikosti pärjääviä oppilaita Suomessa yhä enemmän – HS

Liian monta rasistia – A.P. Pietilä

Kysely: Enemmistö Suomessa epäilee mediaa – HS

British press ‘most right-wing’ in Europe – Yougov

YouGov / Eurotrack Survey Results – Yougov

"Lammas teurastusta odottamassa" – näin pankkiiri puhuu asiakkaasta – TalSa

Kirjat Uusi kirja antaa lohduttoman kuvan Lontoon pankkikeskuksen elämästä. Kielenkäytöllä yritetään pitää moraali kaukana.

"Uusi ja entistä suurempi romahdus on tulossa" – YLE

Satoja pankkiireja haastatellut toimittaja järkyttyi