Central Bankers everywhere
- It is wall to wall central bank comment today (what fun). The Fed's Williams has already given us his opinion – "rate hikes are coming" (in the near future it seems). Actually this is less his opinion and more the mandated script from the Fed.
- Dudley and Powell are next up on the Fed speaker list – Yellen is speaking, but only making brief introductory remarks. It is worth noting, perhaps, that the differences on the Fed are more about the speed of tightening (early and slow, later and fast), not about tightening per se.
- Carney, Bailey and McCafferty of the Bank of England are all speaking. There is less urgency to policy tightening in the UK, perhaps, given that the labour market induced inflation pressures of the US are not so evident in the UK.
- The ECB is giving us its bank lending survey. The credit recovery in the Euro area is an important part of the improvements in economic activity. Bank lending is a key part of that story (inter-company credit is the other part).