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Efficient government

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  • The US will give us the delayed employment report on 22 October, now that the US government is back in business ("business" being used in the loosest sense here). Meanwhile various Fed speakers have reduced clarity about the Fed's outlook.
  • Italian PM Letta met with US President Obama, only to have some political noise at home form a backdrop. Former PM Monti resigned as head of his party (he has a party, it seems), in protest at the latest budget from Letta.
  • The UK Bank of England lending attitudes survey is due, of some importance given the improvements in bank lending and concerns about the speed of housing market gains. The data follows stronger retail sales numbers, suggesting the consumer is feeling quite upbeat.
  • Chinese GDP in the third quarter came out when it was predicted to be released, and at the level it was predicted to show (7.8%, because if that is what is wanted, that is what will be delivered). This is what efficient government is all about (the US may wish to take notes).

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