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| Posted by: Paul Donovan | Tags: Paul Donovan

  • The Fed minutes were almost ECB-like in their forward guidance for a December rate rise. The question of the pace of 2016 tightening of monetary policy was less explicit, but we are comfortable with a quarter point rate increase every quarter.
  • The Bank of Japan conclude their meeting with the market not looking for an easing of policy in spite of the weak third quarter. There is a question as to what good an additional easing could do in Japan, given the velocity of circulation and the limited domestic response to yen weakness.
  • Another group of ECB speakers troop out onto the world stage today. Weidmann of the Bundesbank s amongst them, and may be supposed to give a fairly dour overview of the necessity of additional accommodation (the German economic establishment are not noted supporters of more easing).
  • The US Philly Fed sentiment survey is due, fraught with the normal perils of such surveys. The UK is offering retail sales meanwhile, with some reports of price discounting in the food sector perhaps acting to depress the nominal level of sales.