Good morning. Nice chart on central bank balance sheets. It would have been even better if it was shown as a percentage of GDP

Source: http://ftalphaville.ft.com/blog/2012/09/25/1176381/the-british-economy-is-great/

 

The pain in Spain… Just when you think all is forgotten, back comes the eurocrisis

·         http://www.reuters.com/article/2012/09/26/us-markets-global-idUSBRE88901C20120926

·         http://www.businessinsider.com/catalan-secession-crisis-in-spain-2012-9

 

I am not sure whether this should have been published yet, as it says the publication date is October… Two chapters from the IMF Stability Report

·         http://www.imf.org/external/pubs/ft/gfsr/2012/02/pdf/c3.pdf

·         http://www.imf.org/external/pubs/ft/gfsr/2012/02/pdf/c4.pdf

 

Nice list of economic blogs worth following. Enough to keep you off the street for most part of the day… (via Mark Fisher)

·         http://blogs.ft.com/gavyndavies/2012/09/20/macro-blogroll-for-the-morning-meeting/

 

This Fiscal Cliff thingie, it doesn’t just simply go away, does it?

·         http://www.businessinsider.com/fiscal-cliff-worst-case-scenario-2012-9

 

….here’s another one on that theme

·         http://www.zerohedge.com/news/2012-09-25/breaking-down-fiscal-cliff-12-charts

 

The longer term relationship between nominal GDP and bond yields in Germany…

·         http://www.businessinsider.com/leon-cooperman-i-would-never-own-us-government-bonds-2012-9

 

One for the US bull case: labour costs are way below those of other competitors

·         http://www.businessinsider.com/bcg-rising-us-exports-2012-9

 

The Dow Jones Transports underperformance versus the S&P. Even the WallStreet Journal is worried by now…

·         http://www.bespokeinvest.com/thinkbig/2012/9/25/how-worrisome-is-the-underperformance-of-the-transports.html

·         http://online.wsj.com/article/SB10000872396390444083304578016654266980918.html

 

Heading lower… (which is bullish in this case)

·         http://www.bondvigilantes.com/blog/2012/09/25/european-high-yield-stay-in-the-game-but-dont-bet-the-ranch/

 

For them nerdy’s out there: “The Macroeconomic Effects of Interest on Reserves”

http://www.nber.org/papers/w18409.pdf

 

 

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