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In other words, ‘We’ll see you after the holidays.’ Which in chart form looked like this on Thursday…
Almost four years after the Royal Bank of Scotland was part-nationalised, the UK government is still struggling to figure out what to do with it. Until recently the discussion was focused on when and how to sell the state’s 82 per cent stake back to the market. Now the focus is on fully nationalising it. Go figure.
Yeah, yeah. We all know the views on bond-buying from the likes of Draghi, Weidmann and Nowotny. But what about other ECB council members?
Ahead of Thursday’s fateful meetings, here’s a rundown, courtesy of Neil Mellor and team at BNY Mellon: Read more
The next time you’re out with friends who don’t work in finance, try explaining to them how an indicator pointing to equity armageddon can be a sign of wonderful things to come…
Maybe buy them a few drinks first though. Read more
An electronic-trading glitch distorted the trading of nearly 150 US stocks on Wednesday. Although market-maker Knight Capital has admitted to being the source of the problem, it remains unclear exactly what happened (Wall Street Journal). Knight said it was reviewing “a technology issue occurred in the company’s market-making unit” and had advised clients to route their orders away (Financial Times).
The Federal Reserve signalled it will ‘closely monitor’ the economy for signs of deterioration, but did not ease policy further. Dashing hopes that it would signal low rates for a year longer than it currently forecasts, the FOMC stuck to its view that they shall remain near zero ‘until late 2014′ (Financial Times). But the language of close monitoring, and a commitment to ‘provide additional accommodation as needed’, hinted at stronger action further ahead (Wall Street Journal). Or maybe it didn’t (Money Supply). Read more