by George Dorgan
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Most recent Swiss inflation data show that several items e.g. food or hotels have risen by 1% in one month. Former ECB member Lorenzo Bini Smaghi claims that a currency war would lead to financial repression even by central banks that should concentrate predominantly on price stability – like the SNB. A must read on the FT.
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FX Daily, February 13: Surprise? China Undercounts Afflictions and Fatalities, Curbs Risk Taking
Overview: There is one overriding driver today, and that is the incorporation of CAT scan diagnoses of the virus in Hubei, ground-zero. This follows the arrival of WHO officials into China a couple days ago. Not only have the cases jumped, but so did the number of deaths. It plays on fears that China’s figures are not reliable. But it is not just China.
Schaetze To That
When Mario Draghi sat down for his scheduled press conference on April 4, 2012, it was a key moment and he knew it. The ECB had finished up the second of its “massive” LTRO auctions only weeks before. Draghi was still relatively new to the job, having taken over for Jean-Claude Trichet the prior November amidst substantial turmoil.
Tags: Financial Repression,inflation
