Weapons of monetary destruction
- US Fed Chair Yellen starts her two day attempt to instruct Congress in the principles of economics. The emphasis is likely to be on the instruments the Fed has at its disposal in the next phase of policy tightening, rather than the timing of monetary policy tightening.
- The Bank of Japan did nothing noteworthy (markets have masterfully managed to control their surprise at this). The Reserve Bank of Australia minutes mentioned concerns about exports weakening in the wake of a mining sector slowdown.
- The UK has house price data and consumer price inflation - the former is probably marginally more important than the latter to the Bank of England. We hear from several members of the Bank of England on policy today.
- German ZEW confidence is not expected to show any World Cup boost, and instead give a somewhat dour picture. US retail sales should show the effects of the US consumer adding to the family fleet of SUVs, with autos and fuel boosting the headline number.
Listen to the audio version of this briefing.