Plenums and players
- China's reforming third plenary session offered a blend of reform measures and conservative comments - markets are to play more of a role, but state owned enterprises are not going anywhere. Perhaps the key point is the rather slow implementation process.
- We hear from Fed Chairman Bernanke today (ahead of Yellen's confirmation hearings tomorrow). The Chairman's remarks are important as investors are alive with anticipation about the tapering of bond buying, and Bernanke has (perhaps) more expertise in this policy area than does Yellen.
- The bank of Japan's Miyao is suggesting that the BoJ will achieve the 2% inflation target. It may, but it will owe much to the consumption tax changes and perhaps little to sustainable demand led inflation, at least in 2014 - hence our view that more will need to be forthcoming on the monetary policy front.
- UK labour market data is scheduled - employment having been an important part of helping the UK household sector in the recent past. The Bank of England inflation report is also due in the wake of somewhat weaker prices data yesterday.
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