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As the minutes tick down

| Posted by: Paul Donovan | Tags: Paul Donovan

  • The US Federal Reserve publishes the minutes of their last policy meeting, in the wake of some suspiciously synchronised comments on the need for a rate hike at some point. This is probably not enough to convert markets to imminent hikes, but might move markets in the right direction.
  • Japanese GDP came out stronger than expected on the real version (albeit exaggerated by the tendency to annualise thing). However nominal GDP was in line with expectations.
  • Euro area CPI inflation is due, and is not likely to show the strength of the US inflation (but then core inflation correlation across the OECD is effectively zero). That data does mask a divergence of inflation experience within the Euro area of course.
  • UK employment data might get a little more attention after some weakness in the last release, but the prospect of the EU referendum seemingly consumes all market interest at the moment. Earnings data (as a trend) should be looked to, however.