The Day Today

"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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"The Fed Day Today" - 17 September 2014

FED
* “Considerable time” will remain but with ‘a significant change to the statement that sets up its eventual departure’: FT’s Robin Harding
* Hilsenrath agrees: keep it but add ‘the strong qualification that this could change if the job market keeps improving…’Fed officials haven’t forgotten last year’s “taper tantrum”

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