•
FOMC changes “considerable period” to “be
patient,” lowers Fed funds forecasts
– Yellen
clarifies that this means not before April = earlier than expected
– Dot plot
rate forecasts are 11 bps lower than before, but more focused = FOMC is
becoming more united on the view
– Fed funds
rate expectations move up, USD strengthens vs most G10 currencies
•
Oil prices rebound, RUB recovers
– No clear
trigger for rebound in oil, market just thinks it’s oversold
– RUB
rebounds as central bank intervenes, adjusts bank accounting regulations
– I am
still bearish on both, but we could see further mean reversion
•
Greek president gets only 160 votes, far
short of 180 necessary
– Looks
like Greece might be facing a general election next January – that could be a
major risk factor for the euro
•
Today:
– Eurozone: German
Ifo survey could surprise on upside, boost EUR
– UK:
retail sales ex gasoline expected to have slowed
– US: Phili
Fed survey, Mariket service-sector & composite PMI, initial jobless claims,
Conference Board leading index
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