Good morning New York,
FT ALPHAVILLE
David notes one small problem with the world's largest democracy using structural reforms to get out of its slowdown: elections in India are only months away.
No one likes the FDP? Kate on the chances of a grand coalition forming after the German election...
NEWS
Taper day cometh. Most economists expect the Fed to reduce asset purchases by $10bn a month at its meeting later today. Ben Bernanke's press conference later on Wednesday is also likely to be his second to last before stepping down in January (Reuters).
But a fall in home loans may lead the Fed to taper its buying of Treasuries, rather than MBS. Mortgage originations fell 29 per cent at Wells Fargo in the last quarter and refi activity has dropped 7o per cent since last September (Bloomberg).
French taxes are "too much", according to President François Hollande. Some €60bn in tax increases since 2011 was "a lot – that's to say, too much," the president said in a television interview this week. His government has promised a "tax pause" ahead of the 2014 budget (Financial Times).
Apple is set to unveil an "even more radical" update to iOS than last year. Early reaction to iOS 7 has been divided despite its designer's insistence that the system would be "unobtrusive and deferential" to the user's own apps and content (Financial Times).
JPMorgan's expected $800m settlement over its Whale fiasco is unlikely to end related probes by regulators. The CFTC is investigating whether the bank manipulated a corporate bond index, while the FBI continues to look at bringing criminal charges in the case (Wall Street Journal).
