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  • We have the German ifo business confidence data today always a figure that has assumed disproportionate importance in the Euro area, this may be viewed as an arbiter between the stronger than expected service sector confidence but the slightly lacklustre manufacturing confidence yesterday.
  • ECB president Draghi was reiterating that the central bank will keep accommodation in place for a long time (which is not especially new news) and that he stands ready to do a further LTRO if required (not new news, per se, but more explicit perhaps than normally expressed).
  • The Fed's Fisher echoed Bullard's comments last week in describing the policy error the Fed made last week as "close". Fisher also suggested that perhaps the Fed needed to work on its communication techniques. The correct response to that is "well, duh!".
  • It is hard to avoid speakers from the Bank of England today four of the MPC are hitting the newswires. It will be interesting to see if so broad a range of speakers manages to convince markets that forward guidance is credible, or indeed whether they just reinforce the idea that forward guidance is a fad to be ignored.


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