| Turkish markets plunge, AstraZeneca vaccine effective in U.S. trial, and Treasury market waiting for a signal. Dismissal Turkey's stocks, bonds and lira tumbled following President Recep Tayyip Erdogan's removal of Naci Agbal after just four months as the country's central bank governor. Sahap Kavcioglu, a banking professor who has expressed support for the idea that high interest rates cause inflation, was announced as the new governor. Trading was halted twice on the main stock exchange this morning, with the BIST 100 Index dropping as much as 9.8%. TrialA U.S. clinical trial showed that AstraZeneca Plc's Covid-19 vaccine fared better than expected, with the shot 79% effective at preventing infection and 100% effective at protecting from severe disease and death. The findings may pave the way for U.S. regulatory approval of the shot. That vaccine is at the center of a worsening standoff between the U.K. and the EU over supplies, with the EU threatening to block shipments to Britain. Also in Europe, Germany may extend lockdown restrictions as cases rise. Waiting A busy week for Fed Chair Jerome Powell kicks off this morning at the Bank for International Settlements' Innovation Summit. He will join Treasury Secretary Janet Yellen in congressional testimony tomorrow and Wednesday. While bond investors will be interested in what is said as policy makers continue to be confident there will not be a rapid breakout of inflation, the market will also keep a close eye on Thursday's $62 billion auction of seven-year debt. Markets dipGlobal equity markets are starting the week off on a down note, with technology stocks one of the few bright points. Overnight the MSCI Asia Pacific Index slipped 0.2% while Japan's Topix index closed 1.1% lower. In Europe, the Stoxx 600 Index was 0.1% lower by 5:50 a.m. Eastern Time with automakers the best performers. S&P 500 futures were broadly flat, the 10-year Treasury yield was at 1.679% and gold dropped. Coming up... The Chicago Fed National Activity Index for February is at 8:30 a.m. U.S. existing home sales for that month are at 10:00 a.m. As well as Powell, we hear from Richmond Fed President Thomas Barkin, San Francisco Fed President Mary Daly, Fed Vice Chair for Supervision Randal Quarles and Fed Governor Michelle Bowman today. What we've been readingHere's what caught our eye over the weekend. And finally, here's what Joe's interested in this morningThere's a lot of talk lately about a big pivot happening in economics, both in terms of ideology and policy. You have the Fed committing to maximum employment in a way we really haven't seen before, and you have Congress delivering an unusually high level of fiscal stimulus, even with an economy that's expected to rebound strongly.
But already there's a backlash. Larry Summers says the U.S. is experiencing its least responsible fiscal policy in 40 years. And in a Bloomberg Opinion piece, Tyler Cowen blasted what he called "Twitter Economics" which prioritizes running the economy hot to help workers. How Twitter Economics took over, in the last several years, was more or less the subject of a recent discussion we had with Stephanie Kelton, the author of the best-selling book The Deficit Myth, and the foremost evangelist of the MMT mode of analysis. There were really two big factors that drove the change in public thinking. The first was just facts on the ground. The Great Financial Crisis, plus the achingly slow recovery, plus, the total lack of inflation or anything like that -- despite seemingly aggressive Federal Reserve intervention -- discredited some of the old ways of thinking. The other factor was, well, Twitter and blogs and the collapse of the incumbent ideological gatekeepers.
My favorite part of our conversation with Stephanie was around the 11 minute mark, where she talked about how her and her colleagues started a blog over a decade ago, and even went into the comments section of other people's sites to link back to their own work to get it noticed. The point is that they tried on purpose to make noise and get attention and have their work in public forums where it would get noticed. It's one thing for the old ideas to fail. But someone had to go out and fill that space. And the people calling for fiscal expansion, less concern about the deficit, more focus on employment and so on are the ones who got out there and did just that. Joe Weisenthal is an editor at Bloomberg. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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