Fed FOMC voting member John Williams says that unless “further action” is taken, there would be a lack of progress in boosting the jobs market, and talked of the benefits of buying MBS rather than Treasuries, and of an ‘open-ended” QE programme that would reduce speculation around the exit.  But he declined to call directly for a Fed move. Williams, chairman of the Federal Reserve Bank of San Francisco, is regarded as close to the centre of gravity on the rate-setting FOMC (Financial Times).

UK stock market intermediation should be trimmed, a government-sponsored review into equities published today will say. The year-long review by economist and FT columnist John Kay says the complex chain – including fund managers, companies, pension trustees, investment consultants and independent financial advisers – increases costs and undermines efficiency. (Financial Times) Read more