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Some policymakers silent, others not so much

| Posted by: Paul Donovan | Tags: Paul Donovan

  • Friday's remarks by US Fed Chair Yellen and ECB President Draghi were more notable for what was not said than what was said. Neither commented on near-term central bank policy directly. The tone of Yellen's remarks hinted that the Chair does not expect to stay in office. That may increase the desire to commence passive quantitative policy now.
  • ‎The tropical storm disaster in Houston has brought considerable human cost. There will also be economic disruption.
  • The Trump Twitter Feed was active over the weekend with criticism of NAFTA and a reiteration that Mexico will pay for the big, beautiful wall. President Trump has been explicitly and implicitly criticized by senior Republicans for recent decisions.
  • Europe has had its share of political noise. The Hungarians (members of the EU) withdrew their ambassador from the Netherlands (members of the EU). French President Macron's approval slipped again. The UK opposition Labour Party has pivoted to favor a softer exit from the EU (though still an exit).