No more printing (not yet)
- Despite Japanese PM Abe's aide suggesting that October is a lovely month for money printing, the Bank of Japan has once again resisted the siren call of quantitative policy expansion and left everything unchanged (including its assessment of the economy).
- Fed President Williams has not changed his script on rate increases (coming this year, slow pace of tightening thereafter). He is speaking today, making him the most prolific Fed speaker since the FOMC.
- US trade data detracts from third quarter growth because the US consumer is spending more and more on product made outside the United States. Rising demand, rising inflation pressures - to those who remember a world before quantitative policy it is all rather suggestive.
- There is little else to distract markets today. The Bank of England begin a two day meeting - having been tightening quantitative policy for a long time, and tightening regulatory policy last year, the next step is monetary tightening but not just yet.