economics sponsored by: brief europe 06.16...final cpi has been revised by 0.1 percentage point 30...
TRANSCRIPT
John Ryding, co-found-er at RDQ Economics, on the strengthening dollar and sterling ahead with Tom Keene
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5Difference Between Estimate and FinalCPI (Percentage Point) (rhs)
Euro Area CPI (YoY) (lhs)
Source: Bloomberg ECCPEMUY Index, ECCPEST Index
%
The final euro-area inflation figure is likely to confirm annual price growth slowed to 0.5 percent in May. Final CPI has been revised by 0.1 percentage point 30 percent of the time and by 0.2 percentage point once in the last 10 years. Price growth has been below 2 percent for 43 per-cent of the time in the past decade. — Niraj Shah, Bloomberg Economist
Final Euro-Area CPI Likely to Confirm Disinflation
ECONOMIC CALENDAR
TIME EVENT SURVEY PRIOR
EC 07:30 Bloomberg Econ Survey -- --
GE 07:35 Bloomberg Econ Survey -- --
CZ 08:00 PPI Industrial MoM 0.10% 0.00%
CZ 08:00 PPI Industrial YoY 0.00% -0.3%
SO 08:00 CPI EU Harm MoM -- 0.00%
SO 08:00 CPI EU Harmonized YoY -- -0.2%
TU 08:00 Unemployment Rate -- 10.2%
UK 08:30 Bloomberg Econ Survey -- --
EC 10:00 CPI MoM -0.10% 0.20%
EC 10:00 CPI YoY 0.50% 0.50%
EC 10:00 CPI Core YoY 0.70% 0.70%
RU 10:30 One-Week Auction Rate 7.50% 7.50%
IS 11:00 GDP Annualized 2.30% 2.10%
US 13:30 Empire Manufacturing 15 19.01
BE 14:00 Trade Balance -- -689.5M
US 14:00 Net LT TIC Flows -- $4.0B
US 14:15 Industrial Prod MoM 0.50% -0.6%
(All times are local for London.)
Economics Europe NEws, aNalysis aNd CommENtaryBRIEF
■ WHAT TO WATCH: The rate of inflation in the euro area probably won’t be revised from an initial reading of 0.5 percent. Germany’s inflation rate for the month was confirmed at 0.6 percent on Friday. The New York Fed’s Empire Manufactur-ing index for the U.S. is expected to fall in June, 1:30 p.m. U.S.
industrial production probably rebounded in May, 2:15 p.m.
■ ECONOMICS: Bloomberg surveys will show economists’ views on prospects for growth, inflation and other indicators in the euro area (7:30 a.m.) plus constituent na-tions including Germany (7:35 a.m.) and France (7:40 a.m.) Russia’s central bank, which has raised borrowing costs twice in 2014, will probably leave its main interest rate unchanged at 7.5 percent, with inflation set to peak this month. The announcement is due about 10:30 a.m. A preliminary estimate of the Russian economy’s growth rate, which may be published today, was probably unchanged at 0.9 percent in the first quarter.
■ GOVERNMENT: European Commission President Jose Barroso is due to speak at 10 a.m. in Spain. European Union President Herman Van Rompuy will speak in Portu-gal at 3.15 p.m. Diplomats from Iran meet with representatives from China, France, Ger-many, Russia, the U.K. and U.S. for the start of five days of talks on nuclear weapons in Vienna. European Union Enlargement Commissioner Stefan Fule visits Turkey today.
■ COMPANIES: Siemens AG was said to be preparing a bid for Alstom SA’s energy unit with partners Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. that would leave the German company with Alstom’s gas turbines.
EUROPE TODAY Alex Brittain
Euro-Area Inflation, U.S. Industrial ProductionINSIDE TODAy’S NEWSLETTER
Falling German consumer prices suggest “lowflation” is becoming more pervasive in the euro area: David Powell. Page 2.
Speculators sold the euro and bought U.S. Treasury securities and crude in the week ended June 10: David Powell. Page 4.
The ECB is expected to buy asset-backed securities within a year: Andre Tartar. Page 5.
The BOE should act to cool the housing mar-ket, economists say: Joshua Robinson. Page 6.
A contracting real-estate sector is a major obstacle for China’s economy: Tom Orlik and Fielding Chen. Page 7.
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Monday
06.16.14www.bloombergbriefs.com
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Inflationary Pressures in Germany Remain Muted
Fourteen Countries Reported Inflation of Less Than 1% in May
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Widespread ‘Lowflation’ Likely to Unnerve ECB as German Prices Fall
EURO AREA DAVID POwELL, BLOOMBERG ECONOMIST
percent, respectively.Germany is responsible for about 0.17
percentage point of the 0.5 percent cur-rent rate of the inflation in the euro area,
tied with France for the largest contribu-tion. The two countries together are re-sponsible for 69 percent of the 0.5 percent rise in prices.
The fall of German consumer prices in May signals “lowflation” is becoming more pervasive in the euro area. weak inflation-ary pressures in the monetary union’s largest economy are likely to cause the European Central Bank to maintain an easing bias.
The final reading of the EU harmonized index of consumer price inflation for Germany was unrevised from the first estimate at minus 0.3 percent month over month. The year-over-year reading was also unchanged at 0.6 percent. That com-pares with 1.1 percent in April.
The headline figure is trending down-ward. Its most recent peak was at 2.9 percent in November 2011.
Underlying price pressures have also been muted. The Eurostat calculation of the harmonized core figure measured 1.4 percent in April. The statistics agency will report the core figures for all euro-area countries for May today along with the final headline CPI figure for the monetary union.
weak inflationary pressures are be-coming more widespread in the euro area. Fourteen of the 15 countries — 93 percent — that have published inflation data for May from their national statistics agencies have reported figures of less than 1 percent. Fifteen of the 18 euro-area countries — 83 percent — reported headline inflation of less than 1 percent in April, using the harmonized figures from Eurostat. That compares with a record high of 17 countries in October 2009, when including all countries that are cur-rently in the euro area in the analysis.
The German data suggest the final read-ing for the euro-area headline figure for May should come in at 0.5 percent year over year, in line with the initial estimate, which was released on June 3. Germany has a weight of about 28.5 percent in the aggregate figure for the euro area.
All countries have reported their numbers apart from Austria, Malta and Slovakia. Those countries have weights of 3.3 percent, 0.1 percent and 0.8
Follow DAVID POWELL on TwitterFOR REGULAR UPDATES AND ADDITIONAL INSIGHTS @davidjpowell24
Source: Bloomberg ECWB P 535F9A0D01F0001C<GO>
Source: Bloomberg ECWB P 5399A5C304B00327<GO>
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 2
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 3
Gold Energy Products
COMMITMENTS OF TRADERS DAVID POwELL, BLOOMBERG ECONOMIST
U.S. Treasury SecuritiesCurrencies
Speculators reacted to the monetary easing announced by the European Central Bank. They sold the euro and bought U.S. Treasury securities as well as crude oil in the week ended June 10, according to data from the Commodity Futures Trading Commission.
FOR ADDITIONAL DATA, CLICk ThE ICONS ABOVE ThE ChARTS.
Non-commercial accounts sold 116,033 contracts on U.S. Treasuries. Those sales included two- (32,214 contracts), five- (25,010 contracts), 10- (41,668 contracts) and 20- (17,141 contracts) year instruments.
Non-commercial accounts increased their net long position in crude oil by 15,386 contracts to 539,223 contracts. That was 1.4 standard deviations above the one-year average.
Speculators reduced their net long position in gold by 922 contracts to 75,973 contracts. That was 0.5 standard deviation below the 12-month mean.
The largest shift during the reporting period was linked to the euro. Speculators increased their net short position in the currency by 23,981 contracts to 56,400 contracts. That was 1.8 standard deviations below the one-year average.
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Source: Bloomberg Note: Futures + Options
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Contracts
Source: Bloomberg Note: Futures + Options
Follow DAVID POWELL on TwitterFOR REGULAR UPDATES AND ADDITIONAL INSIGHTS @davidjpowell24
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Source: Bloomberg Note: 1 USD contract = $200,000; Futures + Options
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 4
ECB Seen Taking Action on ABS Purchases in 2014
13%
26%
9% 4%
48%
Extend fixed-rate full allotment further
9%
91%
Reduce reserve requirements
35%
18%
47%
Change collateral framework
31%
34% 16% 6%
13%
Increase an official interest rate
15%
21%
6% 58%
Quantitative easing
52% 42%
6%
ABS-purchase program
10%
90%
Cut the deposit rate
3%
97%
2014 2015 2016 2017 Never Not Until After Forecast HorizonWhen do you expect the ECB to next take each of the following actions?
Cut the benchmark rate
Source: Bloomberg
Most Economists Think TLTRO Will Boost Lending
76%
24% Yes
No
Do you think the targeted LTRO announced by the ECB will directly lead to an increase in lending to businesses
Source: Bloomberg
54%
46%
Will banks make use of the full 400-billion-euro offer?
Responses: 37 Responses: 38
ECB to Buy Assets Within Year as Draghi Rate Cuts End
ECB SURVEY ANDRE TARTAR, BLOOMBERG NEwS
ECB President Mario Draghi’s decision this month to make the deposit rate negative for the first time marks the end of conventional policy measures, while at least three-quarters of economists in a Bloomberg News survey predict he’ll start a program to buy asset-backed securities within one year. Thirty-one of 33 respondents said the ECB will engage in an ABS-purchase program, with 28 saying it’ll happen by June 2015. Fourteen economists, or 42 percent, said the ECB will start a broad-based quantitative easing program at some point, with 10 forecasting it’ll begin by the middle of next year. Most economists expect interest rates will stay at present levels through at least 2016. Just three of 31 economists said the ECB will make further cuts to its bench-mark or deposit rate.
The ECB’s plan for conditional loans to banks, also announced on June 5, will be suc-cessful in increasing lending to businesses in the euro-area periphery, according to almost 80 percent of economists in the survey. Just 54 percent predicted that banks will make full use of the 400 billion euro allowance.
For the full survey, see: {NSN N766EC6SETC0 <GO>}
Do you expect the euro-area economic outlook to improve, deteriorate or remain broadly the same over the next four weeks?
Improve 35%Broadly the Same 65% Responses: 40
What is the ECB’s acceptable upper limit for the euro against the dollar?
Median 1.40Average 1.41High 1.50 Low 1.35 Responses: 40
Could Draghi reduce any of the ECB’s official rates further?
Yes 65%No 35% Responses: 40
Mario Draghi dropped “or lower” from his “present or lower levels” forward guidance on interest rates. How has the change in language affected his forward guidance?
Weakened 7.5%Strengthened 62.5%No Effect 30%Responses: 40
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 5
Most Economists See Need for Action on Housing
85%
Should the FPC take steps on June 17 to cool the housing market? (33 responses)
Yes
33%
33%
37%
41%
63%
0% 20% 40% 60% 80% 100%
Other (see caption)
Eliminate Help to Buy
Lower the maximum value forproperties under Help to Buy
Increase banks' sectoral capitalrequirements
Cap loan-to-value ratios
Source: Bloomberg
If yes, what should they do? (27 responses)
More Than Half See Rate Increase by End-1Q 2015
2%
14%
29%
43%
12%
4%
4%
11%
35%
35%
11%
0% 10% 20% 30% 40% 50%
1Q 2016
4Q 2015
3Q 2015
2Q 2015
1Q 2015
4Q 2014
June Survey (49 responses)May Survey (46 responses)
When will the BOE begin raising interest rates?
Source: Bloomberg
Carney Should Take Steps to Cool U.K. Housing Market
BOE SURVEY JOShUA ROBINSON, BLOOMBERG NEwS
Bank of England Governor Mark Carney should intervene in Britain’s housing market, according to a recent Bloomberg News survey of 33 economists. Eight-five percent of economists said the Bank of England’s Financial Policy Committee should use macro-prudential tools when it meets this week. Options include putting a mini limit on down payments on houses, making banks hold more capital against mortgage lending and toughening afford-ability tests.
The U.k. housing market is at risk of overheating, 85 percent of economists say. That’s up from 82 percent last month and is the highest since the question was first asked in November of last year. Carney spoke at the Mansion house in London on June 12, and said the BOE could raise interest rates from a record low earlier than investors expect as he expressed concern that mounting debt related to the housing market could undermine stability. Fifty-five percent of economists in the survey expect the BOE to raise interest rates by the end of the first quarter of next year.
For the full survey, see: {NSN N743786M62HC<GO>}
Other actions suggested by respondents: interest-rate stress tests, tighter affordability steps, income multiples, adjust underwriting standards, fix maximum loan-to-income multiples, eliminate mortgage guarantee part of help-to-Buy, cap loan-to-income ratios, limit loan terms, and introduce a tax on empty properties and non-resident purchases of U.k. homes.
Is the U.K. housing market at risk of overheating?
Yes 85%Up from 82% in May
No 15%Responses: 34
Has the U.K. economy achieved “escape velocity?”
Yes 71%No 29% Responses: 35
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 6
Bloomberg’s China GDP Nowcast Stable in May
Financial Conditions Became Conducive for Growth in May
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Source: Bloomberg
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Quarterly GDP Growth (YoY)
Source: Bloomberg
Real Estate Major Obstacle as China Engineers Stability for Now
CHINA TOM ORLIk AND FIELDING ChEN, BLOOMBERG ECONOMISTS
Real activity indicators also pointed to stabilization. Output of electricity rose 5.9 percent on the previous year, up from 4.4 percent in April. Early signs in June are positive, with prices for steel and other industrial commodities paring their falls from a year earlier.
The latest monthly indicators suggest growth momentum has been sustained over the course of May. Bloomberg’s monthly Nowcast of GDP continues to register 7.4 percent year-on-year growth, unchanged from April.
May was the month when China’s lead-ers shifted policy into pro-growth mode. A selective cut in the reserve require-ment ratio and injections of funds from the central bank lowered borrowing costs for the banks. The Ministry of Finance accelerated spending and a weaker yuan supported exporters. {ECWB P 5386CC9901E4005D <GO>}
Reflecting that shift in financial condi-tions, credit growth bounced back. New total social finance was up close to 18 per-cent year-on-year in May, a reversal of the contraction of the previous three months. {ECWB P 536B28AD046C03D0 <GO>}
A pronounced contraction in real estate activity and concerns about weaker global demand suggest China’s signs of stabiliz-ing growth may be temporary. {ECWB P 53718B840EC402AA <GO>}
The latest data from China Real Estate Information Corp shows property sales in major cities down 37.6 percent year on year in May, registering a seventh straight month of declines. with sales contracting, construction is also headed down. The area of new residential property under construction fell 21.6 percent year on year in the first five months of 2014.
The latest signs on exports are more hopeful. China’s overseas sales regis-tered 7 percent year on year growth in May, the highest reading since Novem-ber last year. At the same time, the world Bank’s downgrade of its forecast for 2014 global growth is a reminder that foreign demand heading into the second half may not be robust. {ECWB P 539A8A1B0EC4010B <GO>}
China’s economy showed signs of sta-bilization in May. A contracting real estate sector and softening global demand mean it may be short lived.
Industrial output, the main monthly measure of China’s growth, was up 8.8
percent year on year in May, edging up from 8.7 percent in April and in line with expectations. Fixed asset investment edged down and retail sales strength-ened, reflecting higher prices.
{ECWB P 537189DD04B00073 <GO>}
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 7
WEEK AHEAD CALENDAR JAMES AMOTT, GREG MILES AND JIM MCDONALD
HIGHLIGHTSThe Federal Open Market Committee
will release its policy statement after ta-pering the size of the Fed’s monthly bond purchases by $10 billion in each of their four previous meetings.
U.S. industrial production probably increased in May while housing starts cooled last month, data may show.
meets visiting Chinese Premier Li Keq-iang. Time to be confirmed.
■ Russian Economy Minister Alexei Ulyukayev speaks at a conference on EU-Russia relations at 9 a.m. in Moscow.
■ ECB Governing Council member Ewald Nowotny speaks in a panel dis-cussion on the U.S. economy. 9 a.m. CET in Vienna.
■ ECONOMy: U.S. building permits (May), German ZEw survey of investor confidence (June), U.k. CPI (May), U.k. ONS house prices (April), Italian trade balance (April), Spanish labor costs (first quarter).
■ CENTRAL BANKS: Australia minutes of June meeting.
WEDNESDAy, June 18
■ The Federal Open Market Committee releases its statement on monetary policy at 2 p.m., along with economic projections and FOMC policy makers’ forecasts for the benchmark rate. Fed Chair Janet Yellen holds a press conference at 2:30 p.m. In washington.
■ The Bank of England’s Monetary Policy Committee publishes the minutes of its June 5 decision. 9:30 a.m. in London.
■ ECONOMy: China property prices (May), Brazil mid-month inflation (June), Japan trade data (May), Swiss Credit Suisse ZEw Survey (June), South Africa CPI (May).
■ CENTRAL BANKS: Thailand rate deci-sion, Sri Lanka rate decision.
THURSDAy, June 19
■ The Swiss National Bank policy decision is at 09:30 CET with a briefing at 10:00 in Bern. The bank’s benchmark in-terest rate is close to zero and economists expect the SNB to reaffirm its franc ceiling.
■ German Chancellor Angela Merkel holds talks with Danish Prime Minister Helle Thorning-Schmidt as EU leaders seek agreement on the next European Commission president. 12 p.m. in Berlin.
■ Euro-area finance ministers meet in Luxembourg their capacity as the Europe-
an Stability Mechanism’s Board of Gover-nors to discuss topics including the direct recapitalization of banks. A press confer-ence is scheduled for about 2:30 p.m.
■ ECB Vice President Vitor Constancio speaks at a symposium on banking union, monetary policy and economic growth in Athens. 2:15 p.m. local time.
■ ECONOMy: U.S. initial jobless claims (weekly), U.S. consumer comfort (weekly), U.S. leading indicators (May), Philadel-phia Fed survey (June), New Zealand GDP (first quarter), Colombia GDP (first quarter), U.k. retail sales (May), Dutch unemployment rate (May), Georgia GDP (first quarter), Russia gold and foreign cur-rency reserves (weekly).
■ CENTRAL BANKS: Philippines rate decision, Norway rate decision.
FRIDAy, June 20
■ New Zealand Prime Minister John Key meets with U.S. President Barack Obama. The two are likely to discuss the proposed Trans-Pacific Partnership free-trade agreement, climate change and military cooperation. In washington. Time to be determined.
■ European Union finance ministers discuss the draft 2015 EU budget and other issues. 9 a.m. in Luxembourg.
■ Bank of Japan Governor Haruhiko Kuroda speaks. 3:30 p.m. in Tokyo.
■ ECB Executive Board member yves Mersch takes part in a panel discussion in Brussels. 10:15 a.m.
■ ECONOMy: Mexico retail sales (April), Taiwan export orders (May), euro-area consumer confidence (June), U.k. public finances (May), Italian industrial orders (April), Greek current account (April), Dutch consumer spending (April), Dutch consumer confidence (June), Dutch house prices (May), central and eastern European ZEw investor confidence indi-cator (June).
■ CENTRAL BANKS: Colombia rate decision, Mexico meeting minutes, Polish central bank meeting minutes.
MONDAy, June 16
■ U.S. industrial production probably increased in May, indicating manufactur-ing will help lead a second-quarter eco-nomic rebound. 9:15 a.m. in washington.
■ Diplomats from the six world powers begin five days of talks with their Iranian counterparts on the country’s nuclear program. The sessions convene daily in Vienna at about 10 a.m.
■ German Economy Minister Sigmar Gabriel and French Economy Minister Arnaud Montebourg hold talks on coop-eration. 8:00 a.m.
■ Turkish central bank Governor Erdem Basci speaks on monetary policy. 10 a.m.
■ ECONOMy: U.S. capital flows (April), Empire manufacturing (June), euro-area CPI (May), U.k. Rightmove house prices (June), Russia GDP (first quarter, prelimi-nary), Turkey unemployment rate (March), Israel GDP (first quarter, preliminary).
■ CENTRAL BANKS: Russia rate decision.
TUESDAy, June 17
■ U.S. housing starts probably cooled last month, according to a Bloomberg survey, after climbing to a five-month high in April. 8:30 a.m. in washington.
■ The U.S. inflation rate probably increased in May from a month earlier as Americans paid more for food and rent. 8:30 a.m. in washington.
■ U.K. Prime Minister David Cameron
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 8
Danny Blanchflower @D_Blanchflower Carney’s comments on potential rate rises likely come as a surprise to Shafik Forbes & haldane who might have something to say on the matter!
Roubini Global @RoubiniGlobal As credit spreads inch toward pre-crisis levels, we see most potential in EZ bank equities. http://www.roubini.com/analysis/188282
Joseph A. LaVorgna @Lavorgnanomics headline & core #PPI were soft, falling -0.2% % -0.1% m/m, respectively. weakness was broadbased indicating tame pipeline inflation pressure.
PIMCO @PIMCO Mather, Deputy CIO: Brazil attracting more than soccer fans, don’t find yourself “offside.” Get Real by going long BRL and local rates.
Amir Sufi @profsufi It was homes, now it is cars. But pattern is same — we boost spending by lending to those with low credit scores. http://bit.ly/1oXLwNX
Click the Twitter image to view the individual’s profile. To follow tweets about companies, industries and markets on the Bloomberg terminal run TWTR<GO>
TWEETS OF THE DAY AROUND THE WEBNew Research and Commentary on the Web
A Peterson Institute for International Economics paper critiques cur-rency manipulation by Switzerland, Singapore, and hong kong since the financial crisis. Currency manipulation hurt the global economy and those countries should have eased fiscal or monetary policy instead, it says. “The world needs policies that increase total demand rather than policies that fight over the allocation of the existing amount of demand.” bit.ly/1kSI2Ls
A Bank of England paper estimates that global shocks drove around two-thirds of the weakness in U.K. output since 2007. while trade links are an important channel, the paper finds that the majority of the impact from global shocks probably came from financial linkages and spillovers. bit.ly/1p0I2bF
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 9
Q: The first reaction to the U.S. PPI in the bond market was for bonds to rise, yields to drop a little bit. There’s just no inflation out there, at least not starting into the pipeline.A: I disagree with that. CPI inflation is at 2 percent year over year in the last report. PPI inflation here is at 2 percent on a year-over-year basis. Inflation around 2 percent is pretty close to where the Fed would like to see it.
Q: So at this point, we’re on track to start raising interest rates when?A: we think March of 2015, though maybe there’s a canary in the coal mine pointing to at least that early of a date coming from the Bank of England in Mark Carney’s comments.
Q: Carney is seen as very dovish. The read we’re getting from most people is that he is just bowing to reality. And is that what we may face for Ja-net yellen here?A: I think so. I think people want to portray Janet Yellen like one of those three doves that were released before the start of the world Cup Thursday. But in truth, she is a labor market economist, and when the reality of the falling unemployment rates and the improvement in her dashboard indicators and inflation at close to the Fed’s target, that’s a reality that Fed policy
will respond to. Earlier this week, St. Louis Fed president, Jim Bullard, said the Fed’s closer to its dual mandate objectives than it has been three-quarters of the time since 1960.
Q: What do you make of what Mr. Carney is saying? Do we see higher BOE rates by the end of the year? And how does that affect all of the inter-connections around the world, in the currency mar-kets and in the bond markets?A: we’ve said that the one major cen-tral bank that could beat the Fed to the punch was the Bank of England and that clearly remains a possibility. But in terms of other central banks, the ECB shifting to a negative deposit rate, also signaling it’s done, at least as far as cutting rates are concerned, the Bank of Japan still with its QE program. we’re unlikely to see a shift in some of those central banks. So it looks like, once again, the special alliance between the U.k. and U.S. and the central bank is going to lead to stronger sterling and a stronger dollar.
Q: Am I right that the escape valve on the correlations and connectedness of all these central banks is currency? A stronger sterling, stronger dollar, is that our future because that’s the escape, the pressure valve for these systems?A: I think so, because it’s clear those are the two central banks that are going to begin re-normalizations sooner than the other major central banks. On a global perspective, it looks like China is still in an easing mode, and maybe trying to weaken their currency a little bit, there are mar-ket forces in that direction. The ECB has moved to negative rates, unprecedented for a major central bank. And the Bank of Japan is continuing to undertake a mas-sive QE program.
TOM KEENE
John Ryding, co-founder at RDQ Econom-ics, says the Fed and the Bank of England will normalize monetary policy “sooner than the other central banks” with Tom keene.
PodCast Listen on the web at http://www.bloomberg.com/podcasts/surveillance/
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06.16.14 www.bloombergbriefs.com Bloomberg Brief | Economics Europe 10
Corrections on Friday’s issue: The U.S. week Ahead on page 4 contained incorrect references to capacity utilization data and the Empire manufacturing survey. Both series will be released today. The median estimate for the Empire survey is 15. The Philadelphia Fed survey will be released on June 19.