• Tag Archives Greece
  • Who Bought The New Greek Bonds: Here Is The Answer

    After triumphantly returning to the bond market three years after it last issued a euro-denominated long bond (which one year later nearly defaulted when only a third bailout prevented Grexit), this morning Bloomberg has provided details of who the lucky buyers of the just priced 3BN bond offering were. And not surprisingly, the biggest source of new funds for the Greek government (which will then use most of this to pay interest owed to the ECB) were US buyers.
    As Bloomberg notes, just under half, or 1.425BN of the 3BN deal was new money with 1.57b of existing paper rolled, with the following geographic distribution of new sources of cash:
    U. S. 44% U. K./Ireland 26% Greece 14% France 7% Spain/Portugal/Italy 3% Germany/Austria 3% Others 3% By investor type:
    Fund managers 46% Hedge funds 36% Banks/private banks 13% Others 5%

    This post was published at Zero Hedge on Jul 26, 2017.


  • Greece Approved for $1.8 Billion Conditional Loan From IMF

    The International Monetary Fund agreed to a new conditional bailout for Greece, ending two years of speculation on whether it would join in another rescue and giving the seal of approval demanded by many of the country’s euro-area creditors.
    The Washington-based fund said Thursday its executive board approved ‘in principle’ a new loan worth as much as $1.8 billion. The disbursement of funds is contingent on euro-zone countries providing debt relief to Greece.
    ‘As we have said many times, even with full program implementation, Greece will not be able to restore debt sustainability and needs further debt relief from its European partners,’ IMF Managing Director Christine Lagarde said in a statement. ‘A debt strategy anchored in more realistic assumptions needs to be agreed. I expect a plan to restore debt sustainability to be agreed soon between Greece and its European partners.’
    IMF officials estimate that, even if Greece carries out promised reforms, the nation’s debt will reach about 150 percent of gross domestic product by 2030, and become ‘explosive’ beyond that point. European creditors could bring the debt under control by extending grace periods, lengthening the maturity of the debt or deferring interest payments, the IMF said in a report accompanying the announcement.

    This post was published at bloomberg


  • Greece Sells 3 Billion In Bonds In 2x Oversubscribed Offering

    So it can either come cheap with the new issue, which adds to existing debt service problems, or it can….structure around that.
    — Owen Sanderson (@OwenPSanderson) July 25, 2017

    Just over three years after Greece “triumphantly returned” to capital markets in April 2014, when it issued 3 billion in 5 year bonds at a yield of 4.95%, and a cash coupon of 4.75% – an offering which was 8x oversubcribed – and which crashed and nearly defaulted one year later when only the 3rd Greek bailout prevented the country from going bankrupt, only to get taken out at 102, moments ago Greece once again returned to the bond market, if far less triumphantly, by selling another 3 billion in 5 year paper which however was “only” 2x oversubscribed, with indications from Bloomberg that there was only 6.5 billion in demand for the “high yielding” paper. And speaking of yield, it came in lower than 3 years ago, pricing at 4.625% with a coupon of 4.375%.
    For those who did not get their desired allottment in today’s offering, fear not there will be more:

    This post was published at Zero Hedge on Jul 25, 2017.


  • Greece Returns To The Bond Market With A Present To Its Last Group Of Bond Buyers

    On the same day that Greek PM Alexis Tsipras triumphantly announced to The Guardian that “The worst is clearly behind us“, Greece just as triumphantly announced that its long-rumored bond issue, the first after a three year hiatus which saw its last bond issue crash then surge, is now a reality. Just like in 2014, Greece is looking to sell another batch of five-year bonds, according to an Athens Stock Exchange filing. The bonds will be sold in benchmark size via a legion of banks, and are expected to price on Tuesday. In terms of total size, it will ultimately depend on client demand – recall that the the 2014 issue was 8x oversubscribed – with UBS expecting a possible size of 2BN-4BN while JPMorgan anticipates roughly 3BN in new bonds.
    But the biggest surprise in today’s announcement was the present for its latest batch of bond buyers: a cash tender offer for its existing 4.75% bonds due in 2019 – the same bonds that were issued in 2014 – which will be bought back at a price of 102.6. The 2019 bond have jumped in recent weeks, with the yield dropping around 15bps, though as Bloomberg notes “hardly anything has traded as is usual in Greek bonds.” The bond was priced around 102.25 ahead of the announcement, before rising another 30c.

    This post was published at Zero Hedge on Jul 24, 2017.


  • S&P Raises Outlook On Greece Ahead Of Bond Sale, Keeps B- Rating

    Consider it a kiss to the bond investors who are expected to oversubscribe the upcoming latest “triumphal” Greek return to the bond markets, as soon as next week. Moments ago, rather unexpectedly, S&P raised its outlook on Greece from Stable to Positive, but reaffirmed the Greek rating at B-. The rating agency, said it believes that “recovering economic growth, alongside legislated fiscal reforms and further debt relief, should enable Greece to reduce its general government debt-to-GDP ratio and debt servicing costs through 2020.”
    We have therefore revised the outlook on Greece to positive from stable while affirming our ‘B-‘ long-term foreign and local currency sovereign credit ratings. The positive outlook indicates our view that, over the next 12 months, there is at least a one-in-three probability that we could raise the ratings.
    In other words, buy the Greek bonds, but beware a repeat of what happened in 2014.
    Full S&P note below (link):
    Outlook On Greece Ratings Revised To Positive; ‘B-‘ Long-Term Ratings Affirmed RATING ACTION
    On July 21, 2017, S&P Global Ratings revised the outlook on the Hellenic Republic (Greece) to positive from stable. We affirmed the ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings.
    RATIONALE
    The outlook revision reflects our expectation that Greece’s general government debt and debt servicing costs will gradually decline, supported by economic recovery, legislated fiscal measures through 2020, and a commitment from Greece’s creditors, specifically from the Eurogroup, to further improve the sustainability of its sovereign debt burden.
    The Eurogroup, in its statement on June 15, 2017, has agreed to facilitate market access for Greece through the creation of a cash buffer via disbursements over and above the amount needed for the Greek government to meet debt servicing obligations and pay down domestic arrears. In our opinion, this support is likely to pave the way for Greece to successfully reenter sovereign bond markets this year.

    This post was published at Zero Hedge on Jul 21, 2017.


  • JULY 20/MUELLER NOW EXPANDS SCOPE INTO TRUMP’S BUSINESS DEALINGS SENDS GOLD AND SILVER NORTHBOUND/GOLD UP $3.50/SILVER UP 5 CENTS/BANK OF AMERICA PULLS OUT OF ALL FUNDING FOR LARGE CHINESE CONGLO…

    GOLD: $1246.00 UP $3.50
    Silver: $16.38 UP 5 cent(s)
    Closing access prices:
    Gold $1245.00
    silver: $16.36
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1247.75 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1239.50
    PREMIUM FIRST FIX: $8.25
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1246.52
    NY GOLD PRICE AT THE EXACT SAME TIME: $1238.10
    Premium of Shanghai 2nd fix/NY:$8.42
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1236.55
    NY PRICING AT THE EXACT SAME TIME: $1237.70
    LONDON SECOND GOLD FIX 10 AM: $1238.70
    NY PRICING AT THE EXACT SAME TIME. $1239.15
    For comex gold:
    JULY/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 0 NOTICE(S) FOR NIL OZ.
    TOTAL NOTICES SO FAR: 149 FOR 14900 OZ (.4634 TONNES)
    For silver:
    JULY
    34 NOTICES FILED TODAY FOR
    170,000 OZ/
    Total number of notices filed so far this month: 2956 for 14,780,000 oz
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    end
    The key event today was the revelation that Mueller is probing Trump’s business interests around the globe. That sparked gold and silver to rebound after the bankers had targeted our precious metals to the dumpster today. That plan was foiled with the Mueller news.
    I would really like you to read the Stockman commentary at the bottom of my commentary. It is a must read..
    Let us have a look at the data for today
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    In silver, the total open interest FELL BY 1845 contract(s) DOWN to 207,844 DESPITE THE TINY RISE IN PRICE THAT SILVER TOOK WITH YESTERDAY’S TRADING (UP 4 CENT(S). TODAY WE HAD NEW SPECULATOR LONGS ENTER THE MARKET WITH THE BANKERS SUPPLYING THE NECESSARY PAPER. THE BANKERS ARE HAVING AN AWFUL TIME TRYING TO SHAKE THE SILVER LEAVES FROM THE SILVER TREE. HOWEVER SOME SILVER LONGS DID DEPART
    In ounces, the OI is still represented by just OVER 1 BILLION oz i.e. 1.061 BILLION TO BE EXACT or 152% of annual global silver production (ex Russia & ex China).
    FOR THE NEW FRONT MAY MONTH/ THEY FILED: 34 NOTICE(S) FOR 170,000 OZ OF SILVER
    In gold, the total comex gold FELL BY 2948 CONTRACTS DESPITE THE RISE IN THE PRICE OF GOLD ($0.50 with YESTERDAY’S TRADING). The total gold OI stands at 481,256 contracts. THE BANKERS ARE STILL LOATHE TO SUPPLY THE GOLD PAPER AND WISH TO COVER MORE OF THEIR SHORTS. SOME NEWBIE SPEC LONGS STARTED TO ENTER THE GOLD COMEX ARENA AGAIN. THE PLETHORA OF DATA RELEASED ON FRIDAY SHOWING RETAIL SPENDING BASICALLY COLLAPSING ALONG WITH SMALLER INFLATION NUMBERS MUST BE SCARING OUR BANKERS TO DEATH.
    we had 0 notice(s) filed upon for NIL oz of gold.
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    With respect to our two criminal funds, the GLD and the SLV:
    GLD:
    Today no changes in gold inventory
    Inventory rests tonight: 816.13 tonnes
    for 5 consecutive days, gold rises appreciably and yet gold inventory drops at the GLD
    (In the last 5 days gold rises $27.70 and yet GLD inventory collapses by 16.26 tonnes)
    GLD IS A MASSIVE FRAUD/INVENTORY SHOULD BE RISING NOT FALLING.
    SLV
    Today: : WE HAD A HUGE CHANGES IN SILVER INVENTORY TONIGHT/A WITHDRAWAL OF 945,000 OZ WITH SILVER UP AGAIN BY 5 CENTS
    INVENTORY RESTS AT 347.121 MILLION OZ

    This post was published at Harvey Organ Blog on July 20, 2017.


  • Has The Fed Used The Same Tactic To Fool The People Again? – Episode 1337a

    The following video was published by X22Report on Jul 20, 2017
    As the Greek crisis continues to spiral downward, the housing market gets hit and value of homes decline dramatically. Rental growth declines, following a similar pattern in 2007 going into the 2008 recession. Philly Fed slumps. Corporate media reports that to many Americans are purchasing homes they can’t afford, it begins. ECB is ready to push stimulus if the economy starts to decline and falter. The central banks know that the collapse is headed our way, this is why they are prepared with stimulus. The Fed, like they have done in the past has fooled the American people, they will be rising rates, to bring down the economy.


  • The True Economy Is Being Exposed & Soon Everyone Learn How Bad It Really Is – Episode 1336a

    The following video was published by X22Report on Jul 19, 2017
    IMF reports that the current problems with Greece are not going away the debt is not sustainable. Harley Davidson is spiraling out of control, sales are crashing. IBM uses accounting trickery to make the company look like it is doing better than it really is. Many companies are now using this account trick to fudge the numbers. Housing starts, permits rebound, which means most of these starts and permits will be revised as people cancel the homes. Russia is pushing the for a digital economy including block-chain technology. The economy is rapidly breaking apart and we are now seeing signs of how bad it really is.


  • Spain’s Piraeus Bank Races to Reach ECB Target for Reducing Bad Loans

    The new chief executive officer of Piraeus Bank SA is trying to make up for lost time.
    CEO Christos Megalou must offload 4 billion ($4.6 billion) in bad loans by the end of the year under a restructuring plan worked out with the European Central Bank’s supervisory arm months before he took over at the largest Greek lender.
    “There is a decision of this management to accelerate the implementation of the restructuring plan in order to pay back state aid as soon as possible,” Megalou said in an interview at the bank’s headquarters in Athens. Piraeus has received 2.72 billion in government funding since November 2015, and Greece’s rescue fund owns more than a quarter of the lender.
    Megalou got a late start on the overhaul, joining the bank from Eurobank Ergasias SA only in March after a leadership struggle that makes him the third CEO in less than two years. Two predecessors stepped down in a dispute with Paulson & Co. Inc., one of the lender’s main shareholders.
    Piraeus shares have climbed 45 percent since Megalou took over, giving the bank a market value of about 2.3 billion.

    This post was published at bloomberg


  • Greatest Fools? The Countries That Trust Their Government Most (And Least)

    Trust in government serves as a vital driving force for a country’s economic development, increases the effectiveness of governmental decisions, as well as leading to greater compliance with regulations and the tax system. As Statista’s Niall McCarthy notes, the level of confidence in a country’s government is generally determined by whether people think their government is reliable, if it can protect its citizens from risk and whether or not it is capable of effectively delivering public services.
    The latest edition of the OECD’s Government at a Glance report has found that confidence in government varies widely between countries.
    ***
    Unsurprisingly, Greece has the lowest level of confidence in its government, unsurprising given the economic pain it has suffered since the onset of the financial crisis. In recent years, Greece has had to deal with multiple elections, bank shutdowns, defaulting, the introduction of capital controls and being on the frontline of the European migration crisis. That has all led to 13 percent of the Greek public having confidence in their government. South Korea also has a low level of confidence at 24 percent, most likely due to President Park Geun-hye’s impeachment scandal.

    This post was published at Zero Hedge on Jul 17, 2017.


  • Central Banks to Investors: ‘I Know Nothing!’

    This is a syndicated repost courtesy of Danielle DiMartino Booth – Money Strong, LLC. To view original, click here. Reposted with permission.
    ‘I know nothing! I see nothing! I hear nothing!’ So light was Hogan’s Heroes, one could easily forget the sitcom, which debuted September 17, 1965, was set in a Nazi P. O. W. camp. More than any one character, Sargent Schultz deserves credit for the show’s laughable levity. His gregarious girth, sincere sympathy and wonderful weakness for tempting treats – let’s just say Shultz had anything but steely resolve, convincing affable audiences that war could be whimsical. For the prisoners of the Luftwaffe Staling 13, Schultz made an ideal witness to their eternal escape endeavors. His robustly repeated response, ‘I know nothing!’ faithfully failed to fulfill his German superiors’ suspicions.
    One can only imagine the proliferation of late 1960s era’s pretentious political philosophers chafing at the bemusement beckoned by Schultz’s channeling Socrates. The Socratic paradox, ‘I know that I know nothing,’ back-translated to Katharevousa Greek, was relayed by Plato in Apology.
    Apparently, Socrates attributed his wisdom to not imagining that he knows what he does not. At the intersection of Schultz and Socrates, humility and hilarity collide.
    It was neither humor nor humbleness, but rather hubris, being highlighted in London on June 27, 2017 when Federal Reserve Chair Janet Yellen managed to make light of a heavy subject in a live televised Q&A with British Academy President Lord Nicholas Stern. Chuckling in response to one query, Yellen offered up the following on our collective financial future.

    This post was published at Wall Street Examiner on July 5, 2017.


  • The Best And Worst Performing Assets In The First Half Of 2017

    The first half of the year may have been forgettable for a majority of the smart money and hedge funds, with nearly 80% once again underperformingttheir benchmarks due to months of P&L crushing short squeezes, but it was a buoyant time for equity markets and virtually all asset classes, for one simple reason: a record central bank liquidity injection of over $1.5 trillion YTD. Of course, that central banks had to flood markets with so much liquidity as the global economy is allegedly recovering is the main reason why nobody actually believes in said “recovery”, and neither do the central bankers.
    They did succeed however in generating outsized returns for the first 6 months of 2017, and as Deutsche Bank’s Jim Reid writes, the first half of 2017 has been an overall positive half year for our sample of assets. Reid continues below:
    Indeed with measures of volatility for a number of asset classes at historically low levels, 32 out of 39 assets in our sample have delivered a positive total return while 35 assets have done similar in USD terms. In summary, equity markets have led the way with 9 out of the top 10 positions in our leaderboard. The peripherals stand out the most with the Greek Athex (+40%), IBEX (+24%) and Portugal General (+22%) all delivering decent double digit returns. European Banks (+20%) have extended a rally which started this time a year ago following a torrid start to 2016. EM equities (+19%), Stoxx 600 (+17%) and the S&P 500 (+9%) have also seen a more than solid start to the year. For bonds, in USD terms returns sit in the +2% to +9% range with the peripherals outperforming.

    This post was published at Zero Hedge on Jul 4, 2017.


  • Many European Banks Would Collapse Without Regulators’ Help: Fitch

    Only two things keep these banks alive: ‘a State willing to support them and a regulator that does not declare them insolvent.’
    Dozens of Greek, Italian, Spanish and even German lenders have volumes of troubled assets higher or similar to that of Spain’s fallen lender Banco Popular. They, too, are at risk of insolvency. This stark observation came fromBridget Gandy, director of financial institutions for Fitch Ratings, who spoke at a conference in London on Thursday.
    The troubled banks include:
    Greece’s HB, Piraeus, NBG, Eurobank and Alpha; Italy’s Monte dei Pachi di Siena (which is in the process of being rescued with state funds), Carige (9th largest bank, now under ECB orders to raise capital or else), CreVal, and the two collapsed banks, Veneto and Vicenza (whose senior bondholders were bailed out last weekend); Germany’s Bremer Landesbank (which just cancel interest payments on its CoCo bonds) and shipping lender HSH Nordbank. Spain’s Liberbank and majority state-owned BMN and Bankia, which are completing a merger after private-sector institutions refused to buy BMN. Now, the problems on BMN’s balance sheet belong to Bankia, which already has its own set of issues, Gandy said.

    This post was published at Wolf Street by Don Quijones ‘ Jul 1, 2017.


  • Even The Fed’s Indicators Just Collapsed, This Is Not Good – Episode 1316a

    The following video was published by X22Report on Jun 26, 2017
    Because of austerity Greece is feeling the pain of a garbage problem, the workers have gone on strike and want the government to give them full employment, meanwhile the garbage is piling up. Out of nowhere around 4am thousands of contracts were dumped to bring the gold and silver price down. The automobile perfect storm is on the horizon. Durable goods has imploded on itself. The BIS is warning that we will be entering a recession soon and they are prepared to shift the blame. Chicago’s Fed economic indicator has imploded pointing to a major disaster.


  • Suicide Over European Banking Crisis

    The European ‘bail-in’ rules have been cheered claiming taxpayer money will be spared. However, many seniors bought bank bonds for their retirement. In the rescue of the small Banca Popolare d’Etruria, a retiree who had lost more than 100,000 euros worth of bonds lost everything and committed suicide. There have been many such events that do not always make the press. In Italy, the death of a pensioner who also committed suicide after losing his life savings as a result of a controversial move by the government to rescue four banks. The 68-year-old hung himself at his home in Civitavecchia, a port town near Rome, after the so-called ‘save banks’ plan wiped out 100,000 in savings held at Banca Etruria, one of the four lenders included in the government rescue deal announced on November 22nd, 2015. There was the 23-year old who committed suicide over 8000 in debts for student loans. A Greek pensioner who was 77-years old committed suicide in central Athens shooting himself with a handgun just several hundred meters from the Greek parliament building in apparent despair over his financial debts.

    This post was published at Armstrong Economics on Jun 19, 2017.


  • Global Equity Markets Firmer As Oil Stabilizes, Greece Gets Bailout Money

    (Kitco News) – World stock markets were mostly higher overnight. Crude oil prices are firmer today, which helped out the equities. Also, Greece’s creditors approved another release of bailout money for the indebted country, which assuaged European investors. U. S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
    Gold prices are modestly up in pre-U. S. market trading, on a technical and short-covering bounce from solid selling pressure seen earlier this week.
    In overnight news, Russia’s central bank cut its key interest rate by 25 basis points. The Russian ruble rallied on the news.
    The Bank of Japan held its regular monetary policy meeting Friday and made no major changes in its policy.
    The Euro zone’s consumer price index for May was reported down 0.1% from April and up 1.4% from a year ago. The numbers were right in line with market expectations but down from the European Central Bank’s target rate of around 2.0% annual inflation.

    This post was published at Wall Street Examiner on June 16, 2017.


  • Stock Prices Fall as Senate Passes Russia Sanctions Bill

    In Dow Jones news today, stock prices fell as the Senate passed a bill that would place new sanctions on Russia.
    Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
    Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.
    The Five Top Stock Market Stories for Thursday
    European finance ministers debated another round of debt relief for the embattled Greek economy and decided to offer a bailout of 8.5 billion euros ($9.5 billion). Greece’s current bailout program is the third effort by international finance leaders since the nation fell into economic calamity in 2010. Crude oil prices cratered and hit a seven-month low on news of a huge spike in U. S. gasoline inventory levels and expectations that OPEC will not be able to balance supply and demand. Crude oil prices are now off more than 12% since May 25. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.2%.

    This post was published at Wall Street Examiner on June 15, 2017.


  • The Next Economic Crisis Is Going To Leave The Majority Of People In Shock – Episode 1307a

    The following video was published by X22Report on Jun 15, 2017
    EU has decided to put Greece further into debt. It is becoming clear that Greece will never get out of this debt hole. 70% of the people support the BREXIT. Canada’s existing home sales has declined rapidly. Bitcoin dropped on worries about cyber attacks and regulations. Nike cutting 1500 people. The US manufacturing industry declines once again. Illinois is worse now than back in the great depression of the 30s. Bloomberg’s Mike Cudmore says the Fed has just pushed us into a recession, what he really means a collapse of the economy. Japan has decided that they will look into joining China’s belt and road trade system. The Fed is now pushing the collapse is not holding back, most of the people are going to be shocked when this hits.


  • EU Reach Bailout Deal With Greece Once Again

    #IMF Managing Director Christine Lagarde to propose approval in principle of new Stand-By Arrangement for #Greece. #Eurogroup pic.twitter.com/6yfuRHRjXd
    — Manos Giakoumis (@ManosGiakoumis) June 15, 2017

    Update: it appears there isn’t really a deal, but merely a can kicking. As the WSJ adds, the Greek “agreement” merely unlocks a key disbursement of bailout fund but puts a decision on debt relief off until next year. Specifically, the agreement reached in Luxembourg among the finance ministers of the eurozone unlocks 8.5 billion for Greece and puts off a final decision on debt relief until August of next year.
    In other words, Europe agrees to pay Greece so Greece can then turn around and repay Europe the July 7 billion debt payment; meanwhile no firm, long-term deal has been reached.
    As the WSJ put its, “the creditors’ refusal to lighten the burden of Greece’s crushing debt reflects a mix of mistrust and indifference that leaves the depleted country with bleak prospects for the future and at risk of needing yet another bailout.”

    This post was published at Zero Hedge on Jun 15, 2017.


  • Key Events In The Coming Busy Week: Fed, BOJ, BOE, SNB, US Inflation And Retail Sales

    After a tumultous week in the world of politics, with non-stop Trump drama in the US, a disastrous for Theresa May general election in the UK, and pro-establishment results in France and Italy, this is shaping up as another busy week ahead with multiple CB meetings, a full data calendar and even another important Eurogroup meeting for Greece. Wednesday’s FOMC will be the main event, with the Fed expected to hike 25bp (see full Goldman preview here), while the BOJ, BOE and SNB all remain on hold.
    Courtesy of BofA, here is the breakdown of key events:
    FOMC the star in a G10 Central Bank week After the eventful UK election, and less than eventful ECB meeting, the week ahead is a busy one, opening with the first round of the French parliamentary elections and with a plethora of data releases and central bank decisions to keep markets occupied. Another important Eurogroup meeting for Greece rounds out a full schedule.
    The FOMC meeting will be the main event of the week, where the Fed will deliver a 25 bps rate hike, in line with market expectations. While very weak retail sales or CPI could dissuade the Fed, this remains a very unlikely scenario absent a collapse in Wednesday’s CPI print. BofA expects lower inflation and growth forecasts, while the dots will show 3 hikes in 2018 and 3.25 hikes in 2019. The press conference will likely be focused on balance sheet normalization and implementation timing.
    No change from BoJ, BOE or SNB

    This post was published at Zero Hedge on Jun 12, 2017.