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Fevered Fed Frenzy

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  • The G8 summit concludes. Lots of photo opportunities and little substance will be the result. It would all be a lot cheaper for taxpayers if the G8 leadership learned how to Photoshop and got themselves a Tumblr account.
  • Japan has casually revised its industrial production data by roughly halving the initial estimate for April. It is data revisions like this that make the life of an economist so difficult. Meanwhile China saw an acceleration of house price gains, likely to reinforce the authorities' desire to dampen credit growth.
  • US Fed speculation seems to be reaching ever higher levels of absurdity - a Financial Times journalist being forced to take to Twitter to deny that he had any special insight in speculating on a September moderation of Fed bond buying. Fortunately this Fed frenzy should be over by Wednesday night.
  • Anglo Saxon inflation is due out with CPI data from both the US and the UK. The US CPI is unlikely to interest market too much, and the UK numbers are expected by the market consensus to show a small tick up. There is also housing data from the US.
Listen to the audio version of this briefing.