A fairly crucial meeting of the FOMC today, and the wording of the statement is eagerly anticipated. Will "patient" be removed, and will the market be able to infer a June or September lift off in rates?
Meanwhile, Greece is staggering towards another debt maturity on Friday, and plans as to how it meets the redemption seem sketchy at best, as it requests 11th hour meeting with EU leaders on Thursday. The IMF today referred to Greece as its "most unhelpful client in 70 years", an accolade indeed.
In Sweden, the Riksbank surprised markets with a cut in its repo rate to -25bp.
So do we get a clear signal from the Fed, lifting the dollar to ever more dizzying heights, whilst Europe slides further into deflation and Greece edges closer to a potential default?
One wonders why equity markets are so robust.
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