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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Defrocked who wrote (69832)10/19/1999 11:00:00 AM
From: John Pitera  Read Replies (2) of 86076
 
I like that one.... say did you see the EU comments yesterday..

ú Interviewed in today's Suddeutsche Zeitung ECB chief economist Issing said the central bank were waiting to see if upcoming M-3 money supply and private credit growth data confirmed recent trends. From this was may assume that September M-3 data due around Oct 27-29th will be pivotal to a November rate rise. A further expansion of private sector credit would probably seal the case.
ú Issing refuted the idea that the ECB was tying policy directly to the economic cycle responding to a question by saying policy is not set according to the robustness of the economy and separately noting that the price risks were now upward rather than deflationary.

The Buba's Welteke has been on the wires repeating the an earlier comment made by Issing regarding credit growth. Welteke said the central bank needed to control money growth if it was to avoid asset bubble. Other than that he observed that price pressures were somewhat stronger and that medium term price stability depends on the secondary effects of a rise in oil (ie wages) . The late October release of September M-3 data is likely to become a major focus for the market. The risk is that data will provide justification for a 25 bps easing.
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