The Day Today

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The (Labor) Day Today 1 Sept 2014

* SNB girding their loins for action – President Jordan gives interview at weekend that ensuring the cap holds is “absolutely central to ensure adequate montary conditions”. Regarding lifting the floor to 1.25 EUR he repeated that they’re not in the business of “fine tuning”, but “we exclude no measures”. In June he had said…

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The Day Today 29 August 2014

EONIA went negative for the first time yesterday – can Draghi win the argument for more action when the effects of the previous set 3 months ago are still being felt? This is why today’s inflation number is key * He’s pushing on an open door when former hawks like Nowotny say this: ‘”I am…

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The Day Today 28 August 2014

* ‘European Central Bank is unlikely to take new policy action next week unless August inflation figures, due on Friday, show the euro zone sinking significantly toward deflation, ECB sources said’ http://cnb.cx/1qjlKDS * They are serious about this ABS programme then: ECB signs up BlackRock to advise on bond buying http://on.ft.com/1pKe4eY * British Chambers of…

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The Day Today 27 August 2014

* US Labor Dept biennial survey shows just what the central bankers have been getting their knickers in a twist about – namely that the job market is improving but the jobs people are getting aren’t pushing wages higher and aren’t exactly what they want: – 61% of people laid off between Jan 2011-Dec 2013…

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The Day Today 26 August 2014

* Fed’s Bullard FT interview http://on.ft.com/1tEezHJ : – The Fed will have to remove the words “significant” from underutilisation of labour, and the pledge not to raise rates for a “considerable time” after QE ends. – He is a non-voter but he still gets a dot…and he’s “worried” the market is pricing less than the…

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