Central banks call out in the quiet
- A relatively quiet week for economic releases has perhaps elevated the importance of the better news that came with the release of the Euro area PMI business confidence indicators. The Swiss National Bank's attempts to control housing are of interest, but unlikely to start trending on Twitter.
- Risk concerns seem to have been rising, with speculation about policy assisting in a relatively sudden decline in the value of the Argentinian peso. As the Fed seems determined to continue with its scaling back of quantitative policy, emerging markets must adjust to a higher bond yield world.
- Bank of England governor Carney is in Davos (as a Canadian, one would have hoped he would have more respect for skiing than that). Markets are in a state of some anticipation about forward guidance and unemployment and interest rates. Expect the sound of backtracking (in a Canadian accent).
- The ECB's Draghi is also scheduled to speak, but we have already had his opinions this week via the medium of a media article. Ecofin are scheduled to meet too.
Listen to the audio version of this briefing.