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EUROPE
Why Europe secretly
roots for Donald Trump – Politico
As long as moderate politicians like Obama or Clinton occupy the White
House, anti-American politicians will find it difficult to turn their rhetoric
into reality. A Trump presidency would force a rethink.
Europeans Fear Wave of Refugees Will Mean More Terrorism, Fewer Jobs – PEW
Sharp ideological divides across EU on views about minorities, diversity
and national identity
Inside the Pipeline That
Transfers 2.7 Billion Euros a Minute – BB
In the run up to the 2012 crisis, TARGET2 balances were useful in giving
an indication of where reliance on ECB liquidity was highest. Since the ECB's
Asset Purchase Program began, all they are telling us is where bondholders
prefer to bank.
Austerity Only Benefits
Germany and Destroys Europe, Renzi Says – BB
Italian Prime Minister blasted EU budget rules from New York * Renzi’s
tough language comes as Italian economy, banks falter
Handelsblatt: Deutsche
Bank May Ultimately Need A State Bailout – ZH
UNITED KINGDOM
BOE to Cut Rates Again as Economists See Sharp Slowdown in 2017 – BB
Brexit & financial markets: 5 lessons learnt 3 months from the vote –
FT
Would a Swiss-EU compromise on free movement appeal to Britain? – Open
Europe
UNITED STATES
FEDERAL RESERVE
Five Charts Show Fed Should Stand Pat on Rates – View / BB
Five Charts Show Fed Should Stand Pat on Rates – View / BB
Three Steps to a ‘Cautiously Hawkish’ Fed, and a December Hike – WSJ
Policy statement – FED
Note on policy implementation – FED
Economic projections – FED
Statement change tracker – WSJ
3 Presidents Dissent As Fed "Decides To Wait For Further
Evidence" – ZH
Fed Sees 3 Hikes Thru End Of 2017; Cuts Long-Run US GDP Potential – ZH
Economists React: ‘One of the Most Divisive FOMC Meetings’ – WSJ
See Markets React to the Fed in 7 Charts – WSJ
Fed’s ‘Dot Plot’ Suggests Slower Rate Rise Path Ahead – WSJ
Redacted Version of the FOMC Statement – David
Merkel
OTHER
Noah Smith: Monetarists
Are Out of Ideas – View
/ BB
Existing policies don't boost growth, but no one seems willing to try
something different.
The Way the World Thinks About Easy Monetary Policy Is Changing – BB
The side effects of quantitative easing are under fresh scrutiny.
Editorial: If You Don't
Want Refugees, Invest in Peace – View
/ BB
Conflicts are driving the number of displaced people to new records.
Silicon Valley’s Secrets
Are Hiding in Marc Andreessen’s Library – Wired
BANK OF JAPAN MEETING
Bank of Japan offers forward guidance but little else – TF
QE Pace maintained With "Yield Curve Control", Rates Unchanged
– ZH
Japanese banks apparently like a policy aimed at helping them out – FT
BOJ Shifts Policy Framework to Targeting Japan’s Yield Curve – BB
[video] Breaking Down the BOJ's Policy Decision – BB
BoJ: New policy framework with yield curve control – Nordea
BoJ delivers no new stimulus – ABN
AMRO
BoJ review - new framework but no easing – Danske
Bank
The BOJ in a nutshell – Marco
Man
FX & Bond Markets Ain't Buying What BOJ Is Selling – ZH
Can the BOJ Have Its Cake and Eat It Too? – WSJ
BoJ launches new form of policy easing – FT
Bank of Japan criticized for behaving like ‘control freaks’ – CNBC
Yen Surges Against Dollar as BOJ Boost Runs Out of Steam – WSJ
BoJ turns towards yield-curve control – Pictet
Why the BOJ policy move (mostly) lacked
credibility – Scott Sumner
Ben Bernanke: The latest from the Bank of Japan – Brookings
El-Erian: BoJ Experiments at the Wrong Time – View
/ BB
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
BoJ disappointment; Fed meeting
tonight; Yellen to opt for a Dec hike
Morning Markets
– TF
The first of today's twin central
bank policy meetings is done and dusted and equities globally are rallying in
response to the Bank of Japan's decision to keep interest rates steady retain
the quantitative easing magnitude up the effort to hit its 2% inflation target
and aim to steepen the yield curve.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
BOJ Eases Self-Imposed Restrictions,
but Can't Weaken the Yen
Daily Market Comment
– Macro
Man
Brother, can you spare a loan?
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
US Open – ZH
Global Stocks Rise After
"Disappointing" BOJ Announcement: All Eyes On Janet Yellen
Frontrunning
– ZH
FX Update
– TF
Yen crosses pumped higher on the BoJ
announcement before quickly heading back to unchanged. That might be because of
the conflicting implications of the Bank of Japan’s statement and policy
assessment for the short-term expectations versus the longer term-implications.
From the Floor –
TF
One of this week's two major central
bank outings is now behind us with the Bank of Japan releasing its latest
monetary policy statement in the late Tokyo session. The BoJ maintained its
minus 10 basis point rate stance and targeted the yield curve sending the yen
lower and financial-sector stocks up by over 5%.
FINNISH
Aamukatsaus – Nordea
Japanin
keskuspankki keskittyy nyt valtionlainakoron säätelyyn * Emme usko Fedin
nostavan ohjauskorkoon tänä iltana * Tänään julkaistaan Riksbankin syyskuun
kokouksen kokouspöytäkirja
Jan Hurri: Protestiaallon pelko –
ennemmin elvytystä ja velkaa kuin kapina – TalSa
Euroeliitti
pelkää populismin nousua ja kansan kapinointia enemmän kuin valtioiden
velkaantumista. Siksi Euroopan talousvyö alkaa seuraavaksi löystyä.
Paradoksaalinen Trump – Wille Rydman
Japani määrätavoitteesta
korkotavoitteeseen – Roger
Wessman
EU-maiden yhteinen emämunaus ajaa koko
maanosaa kaaokseen – MTV
Jo toiset
osavaltiovaalit hävinnyt Angela Merkel myönsi lopulta omat virheensä
pakolaispolitiikassa. Perustava laiminlyönti menee kuitenkin koko EU:n piikkiin
ja siitä maksetaan kallista hintaa vielä pitkään – myös Suomessa.