bob:
this is the stupidest thing I've read today
Mike Hardwicke:
Totally agree. I believe that undergraduate Economics courses only teach Keynes and MMT? Whilst I'm not an economist by background…
Italy winning again:
Italy August PPI 50.5 y/y versus previous 45.9%
Raising rates is going to compound the very problem with gilts that caused the BoE to resort to QE in this instance.
UK has raised rates 7 times already and the pound has continually fallen against the dollar. It will also compound balance of payments deficits, impacting pound.
BoE resuming QE through the back door when it should instead raise rates to stem the weakening of the pound. UK starting to look like Turkey and other unorthodox EM with totally wrong policy mix: fiscal and monetary easing
Germany winning again:
Big miss too.
German Sept. CPI m/m, 1.9% versus estimate 1.3% and previous 0.3%
German Sept. CPI y/y, 10.0% versus estimate 9.4% and previous 7.9%
Europe is now admitting that mobile network blackouts will occur. To put this in context, 500k towers in Europe have backup battery supplies which will last for 30 mins.
Kremlin has stated that Putin will make a major speech tomorrow. Presumably to include the matter of the recent referenda but likely not exclusively. As ever this is not a matter of whether west agrees or otherwise with current developments.
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