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  • The data calendar has nothing on it. Instead markets are to be treated to a steady succession of central bankers talking about policy. This is no bad thing, as there is the potential for a wide range of views on policy outcomes.
  • A trio of ECB speakers are likely to reinforce the idea of a June easing (Draghi's burlesque press conference established that). The idea of a 10bp or 15bp rate cut is the focus of market attention - the question is what else (if anything) is offered.
  • Bank of England Governor Carney has been insisting that the Bank is focused on the housing market and can do something about it - including advising against continuing the government's right to buy/bubble scheme.
  • Williams and Fisher of the US Fed are both speaking. As October approaches, and with it the end of quantitative policy tightening, attention must shift to phase two and monetary tightening. There is scope for considerable disagreement over "when?" and "how quickly?".

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