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  • We should get the delayed Senate committee hearings into the nomination of Fed Vice Chair Fischer (not to be confused with Fed President Fisher), and two other members of the board of Governors of the Fed - although these nominations are unlikely to be confirmed before the March FOMC meeting.
  • Fischer's academic background is not quite the same as that of Fed Chair Yellen, and while divisions are unlikely to be on public display today economists will want to hear about Fischer's philosophy in order to second guess potential disagreements.
  • Japan's March wage round has seen Toyota settle with an average JPY2,700 per month salary increase (unions wanted JPY4,000). This matters as a benchmark because it is large companies that will translate any gains from Abenomics into the domestic economy via wage settlements.
  • Spanish inflation is due and the market expects a sub-0% reading (which will doubtless lead to deflation headlines in the media). However, Spain does not appear to have an embedded deflation mentality, so this should not be exaggerated.

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