The euro zone economy is sparkling according to the latest PMI's
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US stocks open positively with the Nasdaq outperforming (0.57%), apparently confident that the House will pass the health care act today. European equities are narrowly mixed.
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The euro zone economy is sparkling according to the latest PMI's, growing at a pace that easily explains the hints from some ECB policymakers of a pull‐back from their easy‐money regime. The composite PMI unexpectedly increased from 56 to 56.7 (vs 55.8 expected), the joint highest reading since Q1 2011.
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US businesses boosted their orders for long‐lasting manufactured goods in February for a second month running (1.7% m/m from 2.3% m/m In January). A closely‐watched gauge that tracks investment spending was also better than expected (1.0% m/m from ‐0.3% m/m in January).
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St. Louis Fed Bullard said that the Fed should be allowing the balance sheet to normalize naturally now by ending its reinvestment policy. Normalizing the BS during relatively good times is a good idea in case the Fed is forced to resort to BS policy in a future downturn, he added. There is no urgency to raise rates, according to Bullard.
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ECB chief economist Praet stood by the ECB's pledge to keep its policy easy after comments by other rate‐setters raised questions about the bank's next moves. He also took on euro‐hostile movements, saying they were misleading people and hiding the fact that reverting to the old currency would involve huge costs for the population at large.
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The Bank of Russia signalled a new easing cycle may be in sight after unexpectedly reducing borrowing costs from 10% to 9.75% for the first time since September, breaking with guidance last month that called into question its room for rate decreases in the first half.
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