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Tuesday, June 24

24th Jun - Ifo index and BoE show no surprises



Previously on MoreLiver’s:

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EUROPE
Van Rompuy’s fiscal agenda: more Matti than Mutti?FT

Momentous EU SummitMarc to Market

Euro Zone Banks Grumble Over Supervision FeesWSJ

Comfortably numb: ESM direct recapitalizationBruegel

Merkel versus Renzi for the future of the eurozoneFT
Wolfgang Münchau: Rome’s demand for a fundamental rethink of the fiscal rules sets the scene for a political tussle

Carney Jilts Investors as U.K. Rate Message TemperedBB
Slippery Forward Guidance Spurs Sterling Profit-TakingMarc to Market

Euro area macro monitorDanske Bank

Why the ECB’s Liquidity Plan Might Struggle to Do Its JobWSJ

German IFO expectations declined in June but should increase in H2 – Danske Bank
Ifo index about to bottom out following AsiaTradingFloor
Ifo drops in June on back of weaker expectations – Merkelnomics
German Ifo Business Index Declines as Growth Seen Slowing – BB

UNITED STATES
  FEDERAL RESERVE
Observations on Alternative Measures of InflationMacroblog

How close is the Fed to “mission accomplished”?FT
Gavyn Davies: With the unemployment gap still very large in Yellen’s, she is clearly not ready to stand back and declare “mission accomplished”.

Dudley: Fed Rate Outlook Depends on EconomyWSJ
Fed's Dudley sees mid-2015 rate hike as 'reasonable'Reuters
Fed’s Plosser Not Worried About InflationWSJ

  MACRO DATA
Two charts that show why the housing market is off track – WaPo
New Home Sales Surge By 18.6% In May, Only 63% Below Pre-Crisis Highs – ZH
Seeing the Less Distressing Side of Existing Home Sales – WSJ
House Prices: Real Prices and Price-to-Rent Ratio decline slightly in April – Calculated Risk
Five Takeaways: Where is the U.S. Housing Market Headed?WSJ
Sold Signs on Builder Lots as U.S. Confidence Rises – BB
Home Prices in 20 U.S. Cities Rise at a Slower Pace – BB
Consumer confidence, housing data bolster U.S. growth outlook – Reuters
More Consumers Are Humming ‘Because I’m Happy…’ – WSJ

ASIA
China Central Bank’s ‘Targeted Easing’ Leads to Finger PointingWSJ

Survey Suggests China May Finally Be Getting the Message on DebtWSJ

5 Takeaways from Japan’s Growth StrategyWSJ

A Dash of Reaganomics, Mixed with Classic Industrial PolicyWSJ

OTHER
Daily Central BanksWSJ
Hilsenrath’s Take: Growth, Uncertainty and the Committee are on Yellen’s Mind  * Is Bank of England Gov. Mark Carney’s Recovery for Real?  *Carney Sends Dovish Signal on Rates in Testimony * Third Arrow: Japan PM Abe Unveils Japan’s New Growth Strategy * Breaking: Turkey’s Central Bank Holds Overnight Lending Rate At 12%

Daily MacroWSJ
Monday we had higher-than-expected existing home sales in May and Tuesday we get to see how the most closely watched price index, the Case-Shiller gauge, was doing as of April, as well as look at new home sales in May.  Monday’s data were welcomed as a sign of recovery from weather-interrupted weakness in the winter and a hint that an improving job market was bringing home buyers out again. But the weekly mortgage application data, which the Mortgage Bankers Association releases each Wednesday, have been telling a different story… if mortgage demand can’t grow now, when rates are low, what will it do when rates rise?

Emerging-Market Target PracticeProject Syndicate
Since the currency crashes of the 1990s, emerging and developing countries have tended to anchor monetary policy in targets for consumer price inflation. But, given that these countries' central banks tend to miss their targets even more often than the advanced countries do, they ought to consider switching to a nominal-GDP anchor.

FINNISH
Euro heikentää teollisuuden tuottavuuttaTyhmyri
Eurokriisi ja pysyvät taloudelliset vahingot

"Meidän tulisi olla hyvin huolissaan Euroopasta" Henri Myllyniemi / US

Suunnitelmaa Brysselin kesäkuun EU-huippukokoukseen Sirpa Abdallah / US

Johdatus EU:n vastustamisen perusteisiinMikko Kangasoja / US

FT: IMF hoputtaa EKP:tä euromaiden velkakirjaostoihinPS

FT: Italia ja Ranska romuttamassa EU:n talouskuriaPS

Presidentti nimitti Alexander Stubbin pääministeriksi - Suomella nyt uusi hallitusVerkkouutiset
IS selvitti: Miten kävikään Stubbin neljälle pointille?IS
Eduskunnan täysistunto: Valtioneuvoston tiedonanto hallituksen ohjelmastaYle Areena
Pääkirjoitus: Hallitusohjelma on poliittisesti fiksu pelikirjaIL

Toukokuun työttömyysaste 10,7 prosenttia – Tilastokeskus
Teollisuuden tuottajahinnat laskivat toukokuussa 1,1 prosenttia – Tilastokeskus