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’Further further reading
For the commute home, and to help you qualify the recovery,
- David Wessel spots three storm clouds in the US recovery: oil, rich-country government policy, and emerging market slowdown.
- David Leonhardt spots a few more.
Monetary policy in a time of natural disaster
Here’s a counter-intuitive policy suggestion, if ever there was one.
On Tuesday, after a 6.3 magnitude earthquake hit the New Zealand city of Christchurch, the swap market doubled-down on bets the country’s central bank would cut interest rates.
The Hobbit Bounce
Kiwi action, after New Zealand reached a deal to keep the filming of ‘The Hobbit’ local:
Related link:
Aussie slumps on soft inflation; kiwi outperforms – International Business Times
Kiwi surprise
The Kiwi dollar was doing quite nicely, climbing steady but with no great dramas, until New Zealand’s unexpected emergence from recession – as per data issued Wednesday – put a rocket under it, driving the Kiwi to a 13-month high against the US dollar.
Australia, NZ guarantee deposits
Australia and New Zealand launched co-ordinated plans on Sunday to safeguard their banking systems, hoping to stem heavy losses suffered by their currencies and markets last week. The two governments pledged to guarantee all bank deposits.
Weekend catch-up: CDS probe, SEC/Bear, Macquarie, NZ
In case you missed these FT stories:
NY launches investigation into CDS trades
Andrew Cuomo, the New York attorney-general, is investigating whether traders have been manipulating the largely unregulated credit insurance market as a way to push down the prices of stocks.
NZ cuts key rate, kiwi tumbles
New Zealand’s central bank on Thursday cut its benchmark interest rate by a half point to 7.5%, exceeding most economists’ forecasts, saying the economy is in a recession and inflation will slow, reports Bloomberg.