FURTHER FURTHER READING
- On the meaning of inflation, and economic history, a benchmark revision.
- Is there a coming boom in US productivity?
- Broken job ladders and the Great Recession.
- Five years after the crisis, in charts.
- A family that spent like the federal government would be a very weird family.
ROUND-UP
Verizon borrows $49bn in bond market record: "The world's largest debt sale was completed on Wednesday when Verizon sold $49bn worth of bonds amid strong investor demand that could mark a turning point for the corporate debt market." (Financial Times)
Libor control to remain in London: "Brussels has ditched its plan to put the scandal-mired Libor lending rate under the direct control of a European supervisor in Paris, in a concession that removes a serious political nuisance for Britain." (Financial Times)
Derivatives move from banks into the shadows: "Shadow financial institutions have taken advantage of the wave of new regulation to steal the lion's share of the derivatives business from the major banks in a blow to those institutions' profitability, according to traders. Bankers fear the trend, underpinned by tougher capital rules for the banks, can only increase as regulations come into force encouraging bilateral over-the-counter deals on to exchanges, where pricing is more transparent. The obligatory clearing of trades, theoretically in place since the end of last year, will further erode margins." (Financial Times)
