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Innovative monetary policy

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  • Abenomics (the idea that everything that has ever gone wrong in Japan ever is all the fault of the Bank of Japan) gets underway with the BoJ meeting today and tomorrow. Bonds will be bought. Money will be printed. And unlike all the other times that has happened, this time is sure to be different...
  • The Bank of England's own innovations in monetary policy are on display again today, with the credit conditions survey. Lending has been focused on the consumer rather than the corporate side, and the British Retail Consortium has reported stronger consumer demand.
  • The US is giving us the non-manufacturing ISM survey of corporate sentiment, in the wake of softer manufacturing data. ADP payrolls are also due, with noted Fed dove Evans commenting on how far the Federal Reserve was from its employment objectives.
  • The Euro area seems to have made it through the night without any additional crises or silly political comments. It is offering the release of flash consumer price inflation estimates today, but this is not viewed as critical to current ECB policy.

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