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Well, that was worth it

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  • The G20 gathering decided it was in favour of growth. Taxpayers are doubtless delighted that all of their tax money was spent flying officials and ministers to Australia to achieve that outcome. Imagine, if the G20 had never taken place, we would never have known that economic growth is desirable.
  • Korea complained that the weak yen was threatening Asia and specifically Korea. However, the evidence to date shows that Japanese corporates have been going for profit rather than market share, which means that the weak yen should not undermine the GDP of other economies.
  • German ifo business confidence is scheduled, and expected to stay firm. Unlike the United States, the weather in Germany has been helpful for economic data this winter (so far) as temperatures have been milder than normal. Final Euro CPI is also due.
  • US data is very limited, though the Dallas Fed survey of business sentiment is scheduled. Being the Dallas region this should be less directly impacted by the snow (although firms in the region will sell to the east coast). Yellen's delayed testimony to the Senate is scheduled for Thursday.
Listen to the audio version of this briefing.