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Frontrunning: September 15

Submitted by Tyler Durden on 09/15/2010 08:55 -0400

Japan Intervenes to Weaken Yen (FT, Bloomberg)
Japan MOF official: FX intervention not finished (Reuters)
China Said to Consider 15% Capital Ratio for Biggest Lenders (Bloomberg)
EU Unveils Crackdown on Derivatives (FT)
Germany Asks US to Give Up Its IMF Veto (FT, Bloomberg)
Pimco Makes $8.1 Billion Bet Against `Lost Decade' of Deflation (Bloomberg)
Fiscal Rules Face Obstacles, Warns Lagarde (FT)
Congress Seeks Fannie, Freddie Exit as Banks Eat Soured Loans (Bloomberg)
Lehman Brothers Defies Bankruptcy to Become a Business Again (Bloomberg) even as legal costs in the bankruptcy pass $2 billion
Basel: the Mouse That Did Not Roar (FT)
ECB's Weber Says Financial Regulators Are Turning Lessons `Into Reality' (Bloomberg)
Outlook Clouds Fed Move (WSJ)
And another Op-Ed from Pimco: IMF Meetings Should Target Double-Dip Risk (Bloomberg)
Obstacle to Deficit Cutting: A Nation on Entitlements (WSJ)

Economic data:

Euro-Zone CPI for August0.2%m/m 1.6% y/y – in line with expectations.Consensus 0.2% m/m 1.6% y/y. Previous -0.3% m/m 1.6% y/y.
Euro-Zone CPI - Core for August 1.0% y/y - higher than expected.Consensus 0.9% y/y. Previous 1.0% y/y.
Euro-zone Employment for Q2 0.0% q/q -0.6% y/y.Previous 0.0% q/q -1.2% y/y.
Italy CPI (not incl. tobacco) for August 0.2% m/m 1.6% y/y - in line with expectations.Consensus 0.2% m/m 1.6% y/y. Previous 0.2% m/m 1.7% y/y.
Italy CPI - EU Harmonized for August 0.2% m/m 1.8% y/y - in line with expectations.Consensus 0.2% m/m 1.8% y/y. Previous 0.2% m/m 1.8% y/y.
Norway Trade Balance for August 20.7B. Previous 28.4B.
UK Claimant Count Rate for August 4.5% - in line with expectations. Consensus 4.5%. Previous 4.5%.
UK Average Weekly Earnings for July 1.5% y/y - lower than expected. Consensus 1.7% y/y. Previous 1.1% y/y.
UK Weekly Earnings Ex Bonus for July 1.8% y/y - higher than expected. Consensus 1.8% y/y. Previous 1.6% y/y.
UK ILO Unemployment Rate for July 7.8% - in line with expectations. Consensus 7.8%. Previous 7.8%.

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Wed, 09/15/2010 - 08:58 | 582904 Mongo

Currency intervention bitches!

Wed, 09/15/2010 - 09:02 | 582912 Caviar Emptor

More biflation: PIMCO now makes bet AGAINST deflation, after beating the drum for almost a year FOR deflation.

Just like the Fed and so many, many others, they're confused and contradicting themselves because the answer is not a simple, straightforward one and it goes against traditional dogma: the answer is BOTH inflation and deflation together in one economy. You can find evidence of the paradox everywhere now. Empire Manufacturing SUrvey was only another in a series of such surveys showing prices paid trending higher, prices received lower. That's Biflation in action, aka a double whammy of massive proportions. It won't take more than a modest dose of biflation to kill the economy, you don't need hyperinflation or hyperdeflation when both work together and synergistically.

Wed, 09/15/2010 - 09:08 | 582922 SheepDog-One

Thing is, there IS NO answer! Theyre all just running a roulette wheel on the Titanic, bet away masters of the universe, its all in vain.

Wed, 09/15/2010 - 09:01 | 582913 Agent Orange

Sorry to be off topic, but if anybody knows the exact link on the Fed's website where they publish the POMO schedule and/or maturities, I would appreciate it if you could post it.

Wed, 09/15/2010 - 09:24 | 582942 Bold Eagle