In the US several FOMC members are scheduled to speak and they might add something to Bernanke's recent dovish comments. James Bullard (voting dove) and Charles Plosser (non-voting hawk) will be crossing swords in connection with a conference in Jackson Hole. Bullard is one the FOMC-members arguing more attention should be paid to current low inflation and for that reason tapering now would be premature.
Plosser will be a voting member next year and will in his presentation without doubt argue that Fed's QE programme should be terminated sooner rather than later. San Francisco Fed president John Williams (a non-voting dove) will also be speaking about his recently released research paper A Defence of Moderation in Monetary Policy . As the title of his paper suggests it appears he is in favour of starting tapering soon and possibly even terminating the QE programme relatively fast even though he is considered a dove.
In Europe the main focus is expected to be on euro area industrial production for May, which is usually not a number that surprises a lot as many of the individual countries have already reported. We expect a slight decline in May but it comes on the back of moderate increase in the three previous months, so the overall picture remains stabilisation.
In the US the main focus will be preliminary University of Michigan consumer confidence for July, where we expect an improvement slightly ahead of consensus. Market focus will gradually move towards Q2 earnings reports with JP Morgan Chase and Wells Fargo reporting today.
To Read the Entire Report Please Click on the pdf File Below.
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Danske Daily -- July 12, 2013
Published 07/12/2013, 07:35 AM
Updated 05/14/2017, 06:45 AM
Danske Daily -- July 12, 2013
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