Sun, 25th June 2017

Anirudh Sethi Report


Archives of “2001 albums” Tag

Tony Blair leaves door open to second referendum on EU membership

Former British prime minister Tony Blair has hinted at his support to have a second referendum if a “significant part” of those who voted for Brexit change their mind.

Speaking to launch his campaign to “persuade” people not to leave the EU, Mr Blair said:

If a significant part of that 52 per cent show real change of mind, however you measure it, we should have the opportunity to reconsider the decision.

Whether you do it through another referendum, or another method, that’s a second order question.

The former leader of the Labour party also invoked the “propensity for revolt” seen across the developed to call on pro-EU supporters to convince people who “voted without knowledge of the true terms of Brexit”.

Mr Blair said he wanted to “strengthen the hand of the MPs who are with us and let those against know they have serious opposition to Brexit At Any Cost”, adding:

This is not the time for retreat, indifference or despair; but the time to rise up in defence of what we believe – calmly, patiently, winning the argument by the force of argument; but without fear and with the conviction we act in the true interests of Britain.

“Iron Ore at Risk of Losing All of 2016’s Gains”

Bloomberg  with a recap of the woes of iron ore

  • Biggest monthly loss in about five years in May 9bbg citing Metal Bulletin)
  • Signs of a demand revival in China spurred prices in the three months to April.
  • But price rise reversed after a regulatory crackdown and as supply increased
  • “It seemed clear at the start of 2016 that iron ore was set to face another challenging year but the outlook has since been muddied by the surprise rally,” said Wu Zhili, a Shenhua analyst. “Demand remains weak and supply is still increasing. There’s a good chance prices will end the year lower.”
    More at Bloomberg 

Fed’s Bullard says ‘gradual’ will be defined by second move

Bullard in the Q&A:

  • Need to keep repeating that Fed rate path shallow
  • Sees stronger economy, his dots higher than median
  • Rate path will be data dependent
  • Another shock could cause rate pause

Lacker in the Q&A:

  • Case for Fed raising rates now is ‘strong’
  • Not surprised by populist anger against the Fed
  • Concerned FOMC will be in 25-bps per meeting rut
  • ‘Gradual’ just an expectation, could change

Same old stuff. Dudley is up in a few minutes.