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The Fed gang beat up investors

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  • The Fed dominates the agenda today with assorted governors and presidents gathering to beat investors over the head with their various opinions. This comes in the wake of the Fed minutes that acknowledged risks from external forces, but also saw higher inflation risks.
  • Meanwhile the G20 finance ministers and central bank governors will gather together in a demonstration of the pointless irrelevance of the group. The problem with such things is that once the group is established, no one has the courage to question why they continue to exist.
  • The Bank of England policy verdict is due. No one is expecting a change in rates just yet, despite the tendency to dissent and the fact that quantitative policy and regulatory policy has already been tightened. The RICS reported a slowing of London property prices.
  • The Euro area is not offering much by way of excitement today. We do get to hear from ECB president Draghi, and the divergence of smaller economy inflation will be on display (positive consumer prices in Ireland, negative in Greece).

Listen to the audio version of this briefing.