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The good news was that bad news was good news. Or so it was in October, when the weak US unemployment number sparked the strongest monthly stock market rally in years. Because if US job growth is weak, there’s no way Yellen raises rates. Without rates hikes, the strong dollar is supposedly doomed. And a weaker dollar would boost exports and overseas profits, while easing the chronic greenback shortage suffered by eme
“Central banks abroad are expected to pursue an expansionary monetary policy for a longer time,” announced Sweden’s Riksbank, justifying its 4th QE expansion and pushing out guidance for rate hikes, all in an effort to weaken the Kronor. Overnight Swedish rates are currently -0.35%, but were not always so. In 1992 the Riksbank raised overnight rates to a mind-bending 500% in a doomed effort to strengthen the Kronor.
“When there’s a situation of high indebtedness, when inflation is very low, the burden of servicing the debt increases and that’s very detrimental to the economy,” warned Vitor Constancio, ECB vice-president, sitting beside Mario. “Policy accommodations must be re-examined in December,” followed Draghi, removing what little uncertainty remained that the Italian will lower interest rates below -0.20%, increase the pac
“In key areas of the country, the situation is still very fragile, and in some areas there is risk of deterioration,” said Obama, announcing his plan to extend our presence. The Taliban celebrated the one-year anniversary of Afghanistan’s presidential inauguration by taking Kunduz. Despite being overwhelmingly outnumbered, cave men retook the city they lost in 2001, released prisoners, slaughtered collaborators, then
“Russian missiles land in Iran en route to Syria, says unidentified American,” hollered the headline. Which is as frameable as it is huggable. You see, in a world filled with enigmas, we find comfort in cruise missiles. Because we generally know why they’re launched. We certainly know what they do. And depending on where they land, we almost always know what to sell. Or buy. Oil rallied 8.7%, leading a broad surge in
Overall: “We’re prepared. I need everyone to not panic,” tweeted Christie, panicking, as hurricane Joaquin wandered its way through the Atlantic. Haunted by memories of Sandy, the Governor stared at his big RED button. We all have one, and he pressed his; declaring New Jersey a State of Emergency. The problem is that tomorrow’s crisis never looks like yesterdays. Such a shame; we prepare so perfectly for what just ha
“Our efforts must aim at restoring hope, righting wrongs, maintaining commitments and thus promoting the well-being of individuals and of peoples,” he told Congress. Like all the world’s great spiritual leaders, Pope Francis’ message was open to interpretation, universal, intended for all, his clergy especially. Because no organization built upon faith can endure while violating trust; and all organizations are built
Overall: “They don’t see it,” muttered Janet to herself, gazing out across the Potomac, diamonds dancing upon its surface. After years of placing faith in Princeton’s Bernanke, Washington politicians turned to Berkeley’s Yellen, praying for Silicon Valley alchemy; to transform their stagnation into acceleration. “Central banking innovation is an illusion,” she whispered, mesmerized by so many diamonds. You see, centr
“Today we unearth our past,” said deputy president Ramaphosa, peering into Homo Naledi’s prehistoric eye sockets. 2.5mm years ago our little ancestors buried their dead in a quiet South African cave, on our 4.5bln year-old planet, spinning in our 13.8bln year-old universe. And when you pull a chart back that far, humanity’s recent bull trend is smoothly upward-sloping, accelerating, breathtaking. “We coul