The Day Today 21 September 2016

* BOJ adapt QQE for ‘yield curve control’, target zero on 10yr JGBs and abandon monetary base target (sort of)

* BOE Saunders 1st interview: expects growth to slow but not as much as consensus, and “There is substantial scope to expand asset purchases if needed, and … what you saw (at the August meeting) was that monetary policy including asset purchases did seem to have a substantial effect on asset prices”

* Bill Gross sees 50% chance of Fed hike tonight

* Roubini sees Dec hike as “fairly likely”; doesn’t see a bubble in markets now, just “frothiness”

* Goldman research shows wage inflation leads price inflation, not vice versa

* 5,476 UK firms hold EU passporting rights, 8,008 EU firms hold passporting rights to do business in the UK

* Canada forecasts 8% lower trade with UK

* New ECB report notes Trade elasticity is falling

* market prices 73% chance RBA on hold for reat of year

* Australia’s most internationally focused insurer wants to increase exposure to BBB bonds to 10%, it was zero three years ago

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