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Danske Daily: FOMC Minutes Are The Main Event

ByDanske Markets
Published 07/10/2013, 08:12 AM
Updated 05/14/2017, 06:45 AM
New research from Danske Bank Markets

The main event is expected to be the release of the minutes from the 18-19 June FOMC meeting. The message was surprisingly hawkish in the sense that Bernanke was very explicit in indicating that QE tapering could start later this year and possibly be terminated as soon as mid-2014. Some FOMC-members have since attempted to soften the message in statements, so it will be interesting to see to what degree there is consensus among the FOMC-members. Fed chairman Bernanke will also be speaking this evening.

In Europe focus will be on May industrial production in France and Italy. Several ECB members will be speaking: Asmussen will have a chance to clarify the time horizon of ECB's guidance (see below) and Noyer and Costa will deliver speeches as well.

We do not expect Bank of Japan (BoJ) to announce any easing measures in connection with the close of its monetary meeting early tomorrow morning, see Bank of Japan preview, published this morning. Stable government bond yields in Japan over the past month suggest that an extension of the maturity of BoJ's fixed rate operation to anchor the short-end of the yield curve is now off the table. BoJ is widely expected not to announce any new easing, so we do not expect a major market reaction.

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