- Fed Daly has her eye on next jobs and CPI reports as ‘if things continue to do what they’ve been doing, then I would completely support an accelerated pace of tapering”, she suggests “one or two” rate hikes could be appropriate “at the latter part” of next year.
- Fed Minutes include how “Various participants noted that the (policy-setting) Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the Committee’s objectives”.
- S Korea raises rates by 25bp to 1.00% as expected, Governor Lee signals more to come as ‘a rate hike in the first quarter shouldn’t be ruled out’.
- Sweden’s first female Prime Minister resigns just hours after taking office as her coalition partners quit the government after her budget fails to pass.
- Ikea Philippines opens today, its largest branch in the world, capable of holding 8 weeks of inventory.
- US adds eight Chinese companies to its Entity List, restricting their access to American technologies.
- China requires Tencent to gain regulator approval before providing new mobile apps and updating existing ones.
- Vietnam PM pledges to strengthen human rights and “eradicate corruption to benefit investors”.
- UK to launch British International Investment, Foreign Sec Liz Truss says it will provide an alternative for commonwealth nations to “strings-attached debt from autocratic regimes”.
- Deutsche Bahn whistleblowers allege misuse of corporate funds at Stuttgart underground railway project.
- Rutland farmer’s son uncovers Roman mosaic depicting scenes from Homer’s the Iliad after spotting pottery shards and looking up his field on Google Earth.
- Nando’s losses double.
The S&P and Nasdaq closed higher ahead of the Thanksgiving holiday although the Dow slipped. Asian markets were mixed. Today brings the ECB Minutes which should show the subordination of the hawks as well as the ECB Legal Conference. Lagarde will be giving a keynote address on the topic of Proportionality. As we noted in The Week That Will Be, ‘Before your eyes glaze over, remember that this concept is key to the German constitutional court complaint about ECB QE. With this conference taking place just before an expected signal in December to extend bond purchases next year, Lagarde will be picking her legal words very carefully’.
On this day in 2005, George Best died. Where did it all go wrong?