The (FOMC) Day Today 16 March 2016

* Telegraph’s AEP: “AEP: US inflation rears its ugly head as global cycle nears danger zone”

* Goldman estimate that increased labour force participation is now over, and any shifts are structural, rather than a rebound from the financial crisis

* Trump wins even in Rubio’s home state of Florida
* “Trump’s rise sparks alarm in Japan” over the US political field moving away from free trade partnerships

* BOJ Kuroda: “Of course, there’s a possibility that we will decide to cut interest rates further”. In response to a question from parliament about whether they could cut to -0.5%: “Theoretically, there is room to do so”

Stiglitz meets Abe and warns: Don’t Raise Japan’s Sales Tax

* China is still studying plans to allow banks to swap their NPLs for equity

* South Korea unemployment rises to 6 year high

* As milk prices keep falling, RBNZ stress tests show 80% of farmers are losing money, but banks can absorb the losses without requiring fresh capital

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