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Money Supply, Inflation & Currencies

Currencies News from the Financial Times

  1. Aussie dollar bulls face double whammy
    Just as Australia’s biggest trading partner – China – seems to be slipping back into an economic funk, US dollar embarks on a long-awaited rally
  2. Wall Street firm ahead of Fed call
    China banks rally on reports central bank will provide funds to five top lenders, while emerging market shares gain on optimism over less hawkish Fed
  3. Scots’ choice: independence or sterling
    Scots wants full independence, financial stability and deep economic integration with the UK. They can have any two but not all three
  4. Wall Street rallies as Fed hopes build
    US stocks gain ground and dollar slips amid optimism that the Federal Reserve will deliver a policy statement that is less hawkish than many fear
  5. Scotland can prosper whether Yes or No
    The debate over the financial impact of independence is demeaned by posturing on both sides
  6. EM stocks tumble on Fed rate rise fears
    Talk of a possible policy shift at the Fed has raised fears that developing countries might face a repeat of the market rout that occurred in 2013
  7. ICBC sets record for ‘Lion City’ bonds
    The move eclipses a Rmb2bn record set by ICBC in 2013, while the dual-listing of tranches is also the first of its kind for a Chinese bank
  8. Rouble crumbles as capital seeps out
    Russian currency declines 1.1% to record low of Rbs38.767
  9. Markets wary as Chinese data disappoint
    Stocks fall after Chinese data show slowing factory output, as markets also look ahead to Federal Reserve meeting and Scottish referendum
  10. Scots told sterling move risks ‘austerity’
    Niesr says ‘sterlingisation’ combined with a repudiation of debt would lead a level of austerity ‘people would find harder to accept’

Money Supply News from the Financial Times

  1. This blog will no longer be updated.

    Our thoughts on all things central banking, along with the more wonkish elements of economic policy, will appear on Alphaville and The World blog.

    Continue reading:
  2. ECB caught up in economists’ spat

    The European Central Bank has found itself caught in the crossfire of a battle raging between the world’s leading macroeconomists.

    The Bank for International Settlements’ call last month for the world’s central bankers to hurry up and raise interest rates has reignited the debate over how to explain – and tackle – the financial and economic turmoil that has persisted over the past six years.

    Continue reading: ECB caught up in economists’ spat
  3. TLTRO: how well has the ECB targeted its loans?

    The European Central Bank has revealed the details of arguably the most important element of the package of extraordinary monetary policy measures it unveiled last month to rid the eurozone of the threat of deflation.

    On Thursday, the ECB announced exactly how its targeted longer-term refinancing operation, or the TLTRO, will work. Earlier forward guidance that rates were likely to remain on hold until the end of 2016 was watered down by Mario Draghi, ECB president, possibly in the hope that this would raise the take-up of the TLTRO funds.

    Mr Draghi also revealed that banks would be able to borrow up to €1trn from the central bank, should they smash targets, or benchmarks, set by the ECB. Lenders are already able to borrow an initial amount of $400bn in two auctions, scheduled for September and December. The €400bn figure corresponds to 7 per cent of their lending books to businesses and households, excluding mortgage loans.

    Continue reading: TLTRO: how well has the ECB targeted its loans?
  4. Live blog: Mario Draghi’s monthly ECB press conference

    Despite inflation remaining extremely low across the eurozone and signs that the recovery is weaking in the single currency bloc, the European Central Bank kept its interest rates unchanged at its monthly meeting. Analysts are now looking for Mario Draghi's assessment of the extraordinary measures introduced in June and details of any further measures..

    By John Aglionby and Sarah O'Connor

    Continue reading: Live blog: Mario Draghi’s monthly ECB press conference
  5. Japan’s inflation expectations: glass half empty?

    “Inflation expectations appear to be rising on the whole.”

    Check out the last 11 policy statements from the Bank of Japan: you’ll find the same line, an upgrade from a milder assertion about “some indicators” last July.

    But according to the second round of the BoJ’s survey of companies’ expectations for price rises – the grand-sounding “inflation outlook of enterprises”, published on Wednesday – expectations are not rising. If anything, they’re falling.

    Continue reading: Japan’s inflation expectations: glass half empty?
  6. Carney’s (old) new normal

    There are many uses of the phrase “new normal” in economics these days. Usually, it is used to signify lower growth or a different type of growth than in the pre-crisis period. Mark Carney went onto the radio this morning to talk about the “new normal” in monetary policy.

    Interest rates would be materially lower in future than the 5 per cent rate widely seen as normal before the crisis. The Bank of England governor’s words have been widely reported as a big new statement of policy.

    Is this a new policy?

    No. Carney first talked about future interest rates being “well below historical norms” in his January speech at the World Economic Forum in Davos, which confirmed the BoE had ditched its original forward guidance linking interest rates solely to unemployment. The important passage was reported clearly in the FT at the time and is copied below.

    Continue reading: Carney’s (old) new normal
  7. ECB’s Cœuré backs student calls to overhaul economics curriculum

    Last month, students from four continents joined forces to call for reform of the economics curriculum.

    In an open letter, the students said they wanted their courses to delve into a wider range of economics theories and methodologies than the standard neo-classical model that dominates undergraduate teaching, and to learn more about the implications of policy-making.

    Speaking to those students was a heartening experience – all of them struck me as extremely thoughtful and articulate. Their desire for reform seemed driven by a curiosity about the world and what economics could do to improve it.

    I suspect they’ll be encouraged by comments made in a speech today by the similarly thoughtful and articulate Benoît Cœuré, who sits on the European Central Bank’s executive board.

    Continue reading: ECB’s Cœuré backs student calls to overhaul economics curriculum
  8. Live blog: Bank of England financial stability report

    Mark Carney, the governor of the Bank of England, presented the Financial Policy Committee's report on how it intends to keep the UK economy on an even keel. Most of the press conference was on what it intends to do about the booming housing market and which of its macro prudential tools it intends to use to cool it.

    By John Aglionby and Claer Barrett

    Continue reading: Live blog: Bank of England financial stability report
  9. Iraq’s economy in 5 charts

    As Iraq appears to be descending into all-out sectarian war, the implications for the oil-dependent economy are huge. Iraq is Opec’s second-largest crude exporter, so markets are already feeling a little jittery, sending crude oil to its highest since September on Friday. Here are five charts showing how Iraq’s economy has developed since the 2003 US-led invasion of Iraq and where its vulnerabilities lie.

    Continue reading: Iraq’s economy in 5 charts
  10. UK productivity puzzle: the Bank of England’s answers

    Those hoping for a rapid pickup in UK productivity shouldn’t hold their breath.

    That’s the message from a new Bank of England paper which suggests the UK’s dismal figures are more likely to be the result of “persistent effects” from the financial crisis, rather than temporary, cyclical factors which will fade away as the economy recovers.

    Just under half (around 6 to 9 per cent) of the UK’s productivity gap can be explained by the hypothesis that the crisis resulted in underlying damage to the UK’s productive capacity:

    Continue reading: UK productivity puzzle: the Bank of England’s answers