Monthly Archives: May 2018

Macro Briefing: 31 May 2018

Secretary of State Pompeo dines with top N. Korean official in NY: CBS
Trump set to impose steel, aluminum tariffs on Europe on Thursday: Reuters
Federal Reserve takes steps to loosen Volcker rule on big banks: The Hill
US Q1 GDP growth revised down to 2.2% from 2.3%: MarketWatch
Higher energy prices trigger sharp rise in Eurozone inflation in May: AP
Fed’s Beige Book: US economy grew moderately as manufacturing picks up: WSJ
Economists raise expectations for US Q2 GDP growth: Bloomberg
US trade deficit narrowed in April to six-month low: Bloomberg
ADP: US private-sector job growth picks up to 178,000 gain in May: USA Today

Macro Briefing: 30 May 2018

Italy’s political crisis poses risks for the global economy: NY Times
Asian stocks extend losses after sharp drop in US equities: Reuters
Trump announces US moving ahead with trade tariffs on China: New York Mag
China says it will respond to ‘reckless’ US trade threats: Reuters
US home prices rose a solid 6.8% in March from year-earlier level: USA Today
Texas factory activity increased in May, reaching a 12-year high: Bond Buyer
US Consumer Confidence Index up in May, close to 18-year high: MarketWatch

Macro Briefing: 29 May 2018

N. Korea sends top aide to US for pre-summit talks: Bloomberg
Trump presses aides to move ahead with US-N. Korea summit: CNN
Russia says reports of US troops in Poland could bring “counteraction”: Newsweek
Italy’s political crisis triggers heavy selling in European markets: Reuters
OECD chief: global growth still needs fiscal-policy support: CNBC
NY Fed’s nowcast for Q2 GDP growth ticks down to still-solid 3.01% rise: NY Fed
Oil prices set for longest run of losses since February: Bloomberg
German 10-year government bond yield falls to new 2018 low:

Macro Briefing: 28 May 2018

S. Korea calls for more talks with North; US planning Trump-Kim meeting: Reuters
Political crisis erupts in Italy amid calls for impeaching president: BBC
Italy names former IMF official as interim prime minister: Reuters
China sends ships to confront US Navy near disputed islands in S. China Sea: Time
China-Iran summit planned to avoid disruption amid nuclear deal doubt: Reuters
US durable goods orders fell in Apr, mainly due to drop in aircraft orders: MW
US consumer sentiment holds steady in May at elevated level: WSJ
Oil prices tumble on concerns of rising supply: MW
World trade volume: sharp slowdown in annual growth to 2.1% in March: CPB


Book Bits | 26 May 2018

Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State
By Paul Tucker
Review via Reuters Breakingviews
How much influence should central bankers wield in a democracy? That’s the question Paul Tucker ponders in “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State”… Central bankers are being sucked into deeply political decisions over how the government is financed, and how income is distributed. Yet these “overmighty citizens” have no electoral legitimacy. At the same time, frustrated voters in the West have turned to demagogues. As a result, central bank independence is under threat.
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