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Bank Research Consensus Weekly 07.09.12

Bank Research Consensus Weekly 07.09.12

David Song, Strategist
Bank_Research_Consensus_Weekly_07.09.12_body_BankResearch.png, Bank Research Consensus Weekly 07.09.12

Fed QE3 is Moving Closer

Signe Roed-Frederiksen, Senior Analyst, Danske Bank

Recent communication from the inner circle of the Federal Open Market Committee (FOMC) has indicated that the Fed stands ready to provide additional monetary easing if growth should disappoint.

This includes comments from NY Fed president William Dudley last week stating that so far he had not made material changes to his economic forecast but that he could ‘imagine material data on a number of dimensions could become available in the coming weeks and months that could lead me to adjust my forecast further’ and further said that he ‘will be paying particularly close attention to whether domestic momentum and hiring picks up now that the payback from the mild winter is over and whether financial conditions...ease or tighten further’.

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Coordinated Easing?

John E. Silvia, Chief Economist, Wells Fargo

As discussed in the Global Review on page four, three major central banks (the People’s Bank of China, the Bank of England and the ECB) eased monetary policy this week. Were these moves “coordinated”? If so, do these moves raise the probability the Fed will also ease at the next FOMC meeting on August 1?

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U.S. – Central Banks To The Rescue

Michael Dolega, Economist,TD Bank Financial Group

Central banks went on an offensive yesterday following a slew of dismal economic data in Europe and beyond. The barrage of stimulative measures heard in Beijing, London, and Frankfurt all within an hour of each other sent equity markets into heavy buying. However, the incipient rally was cut short as reality set in that the measures were more a sign of resignation in the face of materializing downside risks and a slowing global economy, rather than effective stimulative policy – at least in the case of the ECB and BoE.

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Compiled by David Song, Currency Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.