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The global stock markets are taking yet another beating today and as I am writing this S&P500 is down nearly 3.5% and the latest round of US macroeconomic data shows relatively sharp slowdown in the US economic activity and more and more commentators and market participants are now openly taking about the risk of a US recession in the coming quarters.
The Bretton Woods Committee is hosting what I think will be a very interesting Webinar on "China, the Renminbi, and the IMF's Special Drawing Rights".
Watch this wonderful rant from legendary economist and commentary Larry Kudlow.
I am happy to announce that I in the future will be contributing to Geopolitical Information Service (GIS).
Today we got the Minutes from the December 15-16 FOMC meeting where the Fed hiked interest rates. That in itself is not terribly interesting and there is not much news in the Minutes to shock the markets.
It has been a horrible start to the year - a sharp escalation of geopolitical tensions between Iran and Saudi Arabia have sent shock waves through the global stock markets today. In China trading was suspended as stocks fell 7% and we have also seen sharp sell-offs in the European stock markets today.
Tonight I got the very sad news that British-Catalan economist Edward Hugh has passed away.
For the last couple of months I have been writing a weekly column for the Icelandic newspaper Fréttablaðið. I enjoy it a lot. First of all it keeps me in contact with Iceland - a country that since 2006 has been an important part of my professional and personal life. Second, it is a good alternative to my blog where I mostly focus on monetary policy.
Yesterday Azerbaijan's central bank gave up its pegged exchange rate regime and floated the Manat. The Manat plummeted immediately and was essentially halved in value in yesterday's trading.