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EUROPE
German state elections and state of the parties – Europp
Secret to Merkel’s survival – Politico
European banks: The truth is in the numbers –
progress in 2015 – DB
Research
Despite headwinds from
slow economic growth, low interest rates and tighter regulation, European
banks’ recovery continues. In 2015, banks’ core business with the private
sector returned to growth, revenues rose and provisions for loan losses
declined again. The sector has become more profitable and resilient. Challenges
remain aplenty, but European banks are definitely heading in the right direction.
Norway Cuts Rates, Hints At NIRP, QE – ZH
BOE: ‘Brexit’ May Hit Spending, Rate Kept at
0.5% - BB
Enough QE wiggle room for the ECB – ABN
AMRO
MIGRANT
CRISIS
Europe draws red lines
on Turkey migration deal – Politico
Turkey Presses for EU
Concessions as Price for Refugee Halt – BB
5 hurdles to an
EU-Turkey migration deal – Politico
EU's Refugee Plan Would
Correct Past Mistakes – View
/ BB
UNITED STATES
FEDERAL
RESERVE
Fed expects lower path
for rate hikes – ABN
AMRO
Concerned Fed sends very
dovish message to the markets – Danske
Bank
What are US wages
telling us? – ABN
AMRO
Mark Gilbert: The Fed's
Credibility Question Won't Go Away – View
/ BB
Yellen steers Fed with
cautious hand, despite hints of inflation – Reuters
Second rate hike in June
remains the most likely scenario – Pictet
When Doves Cry:
Imprudently Cautious – Marc
Chandler
A Look Inside the Minds
of the FOMC – Aleph
Merkel
The Fed’s Credibility
Conundrum – WSJ
OTHER
Bonds: Bulls feed on doves – Nordea
Jan von Gerich: The ECB
acted very dovishly but Draghi failed to support the action with soft words.
The Fed compensated by sounding very dovish. The bottom line is that bonds are
again looking at performance potential at least in the near term. Longer out,
the risks that the Fed is seen falling behind the curve have increased. If
these risks are realized, it will be ugly.
USD: All hope abandon ye who enter here – Nordea
Martin Enlund: The Fed
has been the main driver of global disinflationary developments since mid-2014.
Now the market is likely to increasingly suspect the Fed has chosen to be
behind the curve, changing the financial implications materially. The
consequences from a Fed opting to be behind the curve is not only dollar-negative,
but also largely reflationary. Oft-followed correlations could break down or
even switch signs. We are no longer strategic USD bulls.
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Markets cheer the dovish Fed, USD and
rates sharply down, more cuts from Norges bank ahead * Bank of England to
remain on hold - Norges Bank to cut rates * USD rates lower on dovish Fed * USD
sinks as the Fed marks to market rates
Morning Markets – TF
Yesterday's statement from the
Federal Open Market Committee was as shocking as it was dovish leaving USD
traders and markets at large wondering what they could have been thinking.
Daily Market Comment –
Marc
Chandler
Dollar Drop Extends Post-Fed,
Stocks, Bonds and Commodities Rally
Daily Market Comment
– Macro Man
March madness
Daily Shot – TF
The Federal Reserve is
the only major central bank being kind of hawkish. But it changes its tone as
the disparity to other CBs becomes a challenge. Markets turned into risk-on
mode as a reaction to a falling likelihood of a US rate hike.
Daily Press Summary – Open
Europe
Osborne accused of
politicising OBR after citing its Brexit warning * EU set to offer Turkey the
resettlement of no more than 72,000 Syrians * Die Zeit political editor: We
need Britain in order to secure EU reform * Swiss EU Ambassador warns of
limitations of the ‘Swiss model’ * Former BCC Chief blasts EU in first
appearance since being ousted over support for Brexit * MPs call on Obama not
to “interfere” in EU referendum
Brussels Playbook – Politico
Migration summit edition
— Merkel keeps insider trust
US Open – ZH
Another Fed "Policy Error"?
Dollar And Yields Tumble, Stocks Slide, Gold Jumps
Frontrunning – ZH
Despite most factors
pointing to the need for a more hawkish stance on interest rates the Fed waxed
as dovish as possible at its FOMC meeting signalling no rush to move on rates.
The USD weakness on the back of this meeting is likely to continue as the
market ponders the Fed's reasoning.
The dollar is down
commodity currencies are up core yields are higher Asian equities are ahead and
their European counterparts joined the rally on opening. All this on the heels
of last night's shock Federal Reserve statement in which chair Janet Yellen unleashed
her inner dove issued a de facto no confidence vote in her own policy and threw
in her lot with the gang of nervous cautious central bankers currently
presiding over global monetary policy.
FINLAND & FINNISH
Pelko
hiipi Fedin puseroon * Fedin varovaisuus säikäytti dollarin heikommaksi ja veti
USA:n korkoja alaspäin * Norjan keskuspankki keventää tänään * USA:n inflaatio
kipuaa ylöspäin
EU löysi kitkerän
maahanmuuttolääkkeen – TalSa
Risto
Pennanen: EU:n ja Turkin alustava sopu pakolaisaallon pysäyttämiseksi on hyvä
väliaikaisratkaisu.