On The Margin: Powell the Non-Independent, Pro-Growth Italeave

https://trendmacro.com/system/files/reports/20180716TrendMacroMargin-57.pdf
On the Margin
Monday, July 16, 2018
Powell Doth Protest Too Much; Hey Siri, Will There Be an Italian Debt Crisis?
Federal Reserve
Europe Macro
Europe Bonds
FX
In a PBS interview Powell claimed repeatedly to be politically independent. No one who is really politically independent needs to claim to be politically independent so aggressively. Italy’s Siri says a pro-growth flat tax will be in the upcoming budget, and that the EU will have to accept five years of higher Italian deficits. His “government of courage” will bring the fight to Brussels, where Conte has already said Italy has “negotiating power,” which means the threat to leave the euro currency.
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