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EUROPE
The Euro Area Workforce is Aging, Costing Growth
– IMF
German ministries at odds over Turkey terror
assessment – PoliticoWolfgang Schäuble: EU needs Turkey for
migration crisis – Politico
UNITED STATES
FEDERAL
RESERVE
El-Erian: What to Expect
From the Fed's Minutes – BB
Last Minute FOMC Minutes
Preview, And How To Trade Them – ZH
FOMC July meeting
minutes – FED
Fed Members Split Over
July Hike, Fear Financial Risks From Low Rates – ZH
Fed Officials Split in
July on Whether Rate Hike Needed Soon – BB
Fed policymakers divided
over whether to raise rates soon: minutes – Reuters
Traders Buy Everything
After Fed Minutes Send USD Lower – ZH
Treasuries Rise With
U.S. Stocks as Fed Minutes Signal Low Rates – BB
OTHER
In light of comments by
NY Fed Dudley that the bond market "looks stretched", it could be
worth pondering whether he might actually be right. While central banks are
buying long bonds like never before, this has not prevented yields from
correcting higher in for instance 2013 and 2015.
The JPY strength
reflects global uncertainties, also seen in lower global yields lately. Once
the Fed repricing takes place and rate normalization cycle resumes, the JPY
will reweaken broadly.
Yield Forecast Update – Danske
Bank
Still some potential for
higher yields next year
REGULARS
Danske Daily – Danske Bank
The Fed Who Cried Wolf, Japan
jawboned JPY, Eyes on Minutes * FOMC minutes unlikely to provide much rate
guidance * Japan jawboned the JPY * Markets too complacent?
Wednesday finds European markets
preparing to open in uncertain mode following unnervingly volatile trading in
the US dollar and core government bonds on Tuesday and amid fresh uncertainty
about Fed interest rate policy that dragged on US stocks and undermined
sentiment.
Euro wrap-up
– Daiwa
Dollar Snaps Back
Show me the money
German Europe Minister says Britain
likely to have bespoke relationship with EU, but rules out ‘cherry picking’ * New
ONS figures show fall in unemployment benefit claims post-Brexit * Iceland’s
government moves to relax capital controls * Rajoy’s party set to accept
conditions to begin government formation talks with Ciudadanos * Germany says
Turkey supports terrorist groups
Cash for passports backlash — Orbán
tax flip-flop flap
European Stocks Drop, Futures Flat
As Rising Dollar Pressures Oil, EMs: All Eyes On The Fed Minutes
Comments from the New York Fed’s William
Dudley yesterday supported the US dollar after it had punched through key
supports. This was an interesting technical reversal but one that will require
supportive comments from today’s FOMC minutes if the USD is to sustain a rally.
Talk is normally cheap but
yesterday's double blast of verbal intervention from the US and Japan made for
big moves in USDJPY and big money for the well-positioned.
FINNISH
Brasilia
nauttii olympiahurmasta keskellä taantumaa * USA:n korot nousivat Fedin
jäsenten kommenttien myötä * Punta sai jalansijaa pitkän heikentymisputken
jäljiltä * Tänään julkaistavasta Fedin pöytäkirjasta etsitään vihjeitä
koronnostosta
Turkkia koskeva
terrorismipaperi kuohuttaa Saksaa, Sosiaalidemokraattinen hallituspuolue SPD
haluaa paperin parlamentin käsiteltäväksi.