The Day Today

"The Day Today" - 26 September 2014

* Stock market rout put down to Apple, where the new software release left people unable to make calls – oh and the new iPhone bends. It’s been 5 months since AAPL closed below its 50 dma

* ‘Stripped of the effect of April’s sales tax increase,

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"The Day Today" - 25 September 2014

* NZD smacked after RBNZ Governor Wheeler tees up intervention in an unscheduled statement: “The bank would welcome a move towards a more sustainable exchange-rate level…Unjustified and unsustainable are important considerations in assessing whether exchange-rate intervention is feasible.”  [Nice to see a central bank think about intervening along with a trend rather than against it]

ECB
* Market still underestimates ECB action: RTRS poll shows economists unconvinced.

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"The Day Today" - 24 September 2014

FED
* Bullard: “data on track with our projections” so a March hike is a “reasonable judgement”. Natural to drop “considerable time” at next meeting [this phrase now irrelevant given data dependency]
* Kocherlakota: inflation below 2% for next 4 yrs
* George: “I think it is critical that we begin now to normalize”

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"The Day Today" - 23 September 2014

FED
* Dudley: “If the dollar were to strengthen a lot, it would have consequences for growth” {fifw NSN NCBKKY6TTDT0 <Go>}
And– “I would love to be able to raise interest rates during in my tenure” because the economy is strong enough but “You’ve got to make sure when you start to raise interest rates,

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