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Central bank minutes tick by

  • With a quiet data calendar, there are risks that politics rather than the pure world of economics will be the attention for markets. We have some entertainment in Japan where it appears Prime Minister Abe and Finance Minister Aso are having another disagreement (over buying foreign bonds).
  • The Bank of Japan minutes form the January meeting showed two dissenters to the idea of raising the inflation target, on the grounds that 2% was not sustainable. The Reserve Bank of Australia minutes showed little shift in "we could ease if necessary, but nothing imminent" stance.
  • The ECB's Draghi reiterated concerns over the deflation consequences of a stronger Euro - nothing new, but perhaps he feels the need to keep repeating himself to remind markets what he is thinking. He also said he thought the sovereign debt crisis was losing momentum. You think that if you want to...
  • Data is largely confined to the ZEW economic sentiment survey from Germany, and some inflation numbers from Sweden and Finland.

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