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The Economists' Club

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  • Fed President Dudley, normally one to err on the side of the doves, gave a statement of the obvious in suggesting that the economic recovery was gaining traction (which markets took to mean that tapering was indeed just around the corner)
  • Fed Chairman Bernanke speaks tonight at the National Economists Club (for economists can be wild, social party animals and have their own clubs). As the architect of quantitative policy his comments should still carry considerable weight.
  • There are two ECB speakers on the agenda �€“ Praet and Asmussen �€“ but as we have heard a lot from Praet, and as Draghi has signalled that the ECB will do nothing for the remainder of this year, and as there are a lot of known unknowns to influence ECB policy next year, this probably does not add up much of interest.
  • Minutes from the Reserve Bank of Australia gave a confused easing bias. The bank is concerned about the level of the Australian dollar, but it is also worried about the risks of an overheating housing market. We see an easing bias being maintained, but no actual change in policy.

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