Growth and tightening
- Markets seem to be exhibiting some signs of concern about the pace of global growth, at least during Asian trading. The cited reason is IMF forecast downgrades, but that does not really make sense. The IMF always lags the consensus on GDP, and is not known for its pinpoint forecasting accuracy.
- In Japan, Prime Ministerial adviser Yamamoto was talking down the yen, perhaps a little tactlessly, and suggesting that a JPY110-120 range against the dollar would be appropriate.
- The Bank of England meets, having already tightened two of the three measures of modern central bank policy (quantitative policy and regulatory policy), with only monetary policy left to go. The credit conditions report should give some insight into the effectiveness of regulatory tightening.
- From the US we get the release of the Fed minutes from the September FOMC meeting, a meeting that seemed to increase the hawkishness a little. Fed President Evans joins the steady beat of this week's Fed speakers.
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