• and the ECB traded places on who will taper first. While that’s exaggerating things a bit, there really is a kernel of truth in it.
  • We’ve had three ECB-speakers (Villeroy de Galhau, Panetta, Stournaras) talking down tapering this week while the hawks that hit the mic remained silent on the matter. At the same time, at the Fed the taper camp is winning converts among key policymakers. Vice Chair Clarida and Governor Quarlers have both suggested the Fed should at the upcoming meetings be ‘talking about talking about’ tapering, even if employment gains do not pass muster.

For the full report, click here