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Regulation? No worries

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  • The US Fed has published research suggesting little or no employment impact from uncertainty over government policies and regulation - in spite of concerns expressed in business surveys. + The UK offers trade data. Exports contribution to GDP has shown only a very limited reaction to the weakening of sterling at the onset of the global crisis, which in part reflects exporters' desire to use sterling as a profit enhancing not a volume enhancing mechanism. + Conflicting media reports on the Bank of Japan. The Financial Times records dissent over how realistic a 2% inflation target is. The Nikkei suggests Kuroda would try and ease aggressively on taking office (not waiting for the scheduled policy board meeting).
  • Some members of the Euro area offer CPI data today, although this is not likely to be of any real concern for policy makers given the ongoing spare capacity in labour markets.

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