ECB: No Rush To Decide On Structural Bond Portfolio Given Slow Liquidity Fall
Eurozone excess liquidity currently resides just above E2.6trln, still at healthy levels amid a slow...
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US: Zervos Sees Fed Policy as "Quite Restrictive"
- Jefferies' Chief Market Strategist Zervos speaking on CNBC - says Fed policy is quite restrictive, and balance sheet is no longer a "kicker" for the economy.
- More importantly, Zervos is reportedly on the shortlist of private sector candidates being considered for Fed chair after Powell's departure from the role next year
SWEDEN: Finance Minister: Autumn Budget Likely To Be Expansive
"SWEDISH FINANCE MINISTER: AUTUMN BUDGET LIKELY TO BE EXPANSIVE, WORST THING IN CURRENT SITUATION WOULD BE TO BE RESTRAINED" RTRS
Not a surprise. SEB wrote this morning that " The National Institute of Economic Research has previously indicated a scope of SEK 34 billion [of fiscally expansionary measures], but 60-70 billion seems to be the opinion among analysts.
RUSSIA: Lavrov-Russia Ready To Discuss Political Aspects Of Settlement w/Ukraine
Russian state media is carrying comments from Foreign Minister Sergey Lavrov, who is speaking in Moscow after a meeting with his Jordanian counterpart Ayman al-Safadi. Regarding the war in Ukraine, Lavrov claims that Russia "is ready to work on Ukraine in any format, with the understanding that the work will be honest." Reuters reports Lavrov saying Russia is "ready to discuss the political aspects of the settlement with Ukraine".
- While Lavrov's comments may indicate an intention to begin talks, there has been no apparent movement on Putin-Zelenskyy talks, which have been pushed by US President Donald Trump. It remains to be seen whether Trump will look to turn up the pressure on Moscow if it is seen as dragging its heels on a potential bilat.
- Lavrov claims that Russia is "in favour of a security guarantee for Ukraine being reliable." Says the Istanbul Agreement of 2022 is a good example. This was a draft deal that, as the Institute for the Study of War noted "surrenders Ukraine's sovereignty and prohibits any efforts by Ukraine or any other state to maintain Ukrainian armed forces adequate to deter or defend against, a future Russian attack."
- Lavrov: "Questions of security cannot be resolved without Russia...We hope Washington understands that discussing security issues without Russia is a path to nowhere"
- Lavrov: "We didnt hear any constructive ideas from Europeans at their meetings with Trump...We only see the EU's clumsy attempts to change Trump's position on Ukraine and aggressively escalate the situation."
