18th March 2020 By David Barwick - FRANKFURT (EconoStream) – The current crisis differs from the Great Recession in that it will last a matter of months at most, European Central Bank Vice President Luis de Guindos said in a radio interview Wednesday,...
19 March 2020
18th March 2020 By David Barwick - FRANKFURT (EconoStream) – The European Central Bank’s Governing Council is unanimous in its resolve not to let anything hamper the transmission of its monetary policy, ECB Executive Board member Isabel Schnabel said...
18 March 2020
16th March 2020 WASHINGTON (EconoStream) - Sunday night, before the market open, the US Federal Reserve Board and FOMC announced another round of emergency steps including: - Cutting the fed funds target range by 100bps to 0.00%-0.25% - Additional...
16 March 2020
16th March 2020 By David Barwick - FRANKFURT (EconoStream) – The European Central Bank will counter the current crisis with whatever actions within its mandate it deems necessary, including a further deposit rate cut, ECB Executive Board member Fabio...
16 March 2020
12th March 2020 By David Barwick - FRANKFURT (EconoStream) – Economies around the world, including those of the Eurozone, face a severe shock as a result of the coronavirus, European Central Bank President Christine Lagarde said Thursday. Speaking at...
12 March 2020
11th March 2020 Policy Announcement: Thurs March 12th, 12:45 GMT / 08:45 ET; Press Conf: 13:30 GMT / 09:30 ET Current Rates: Deposit -0.50%, Main Refinancing 0.00%, Marginal Lending Facility 0.25%. In Brief:
11th March 2020 LONDON (EconoStream) – The Bank of England Monetary Policy Committee (MPC) this morning announced an emergency rate cut of 50bp down to 0.25% outside of their usual policy meeting schedule in response to the Covid-19 outbreak. The Bank...
11 March 2020
2nd March 2020 By David Barwick - LONDON (EconoStream) – The coronavirus has injected a new element of uncertainty into prospects for growth that had just begun to look brighter, European Central Bank Vice President Luis de Guindos said Monday, according...
3 March 2020
2nd March 2020 Market speculation is increasing about not only central bank easing in reaction the coronavirus outbreak but even emergency meetings to take place before the next round of scheduled meetings and possible coordination of action. According...
2 March 2020
1st March 2020 By David Barwick - LONDON (EconoStream) – The European Central Bank’s staff forecasts may need to reflect the impact of the coronavirus if the spread of the latter is not contained quickly enough, according to ECB Executive Board member...
1 March 2020
29th February 2020 By David Barwick - LONDON (EconoStream) – A more generous definition of the European Central Bank’s policy-relevant medium-term horizon could conceivably be appropriate in view of supply-side shocks that hamper the restoration of price...
29 February 2020
25th February 2020 By David Barwick - NEW YORK (EconoStream) – The European Central Bank sees its current policy stance as providing the stimulus a return to price stability requires, but is ready to make any needed adjustments, ECB Executive Board member...
25 February 2020
At the meeting, which took place January 22-23 and thus before the coronavirus outbreak captured international attention, there was no mention made of the disease and China’s role in the discussion was only in the context of the recent “phase-one” trade agreement between it and the U.S.
21 February 2020
By David Barwick - FRANKFURT (EconoStream) - Economic uncertainty implies a continued need for strong monetary policy support in the Eurozone, European Central Bank Vice President Luis de Guindos said Thursday.
20 February 2020
By David Barwick - BRUSSELS (EconoStream) – With inflation still too low and growth only moderate, the Eurozone continues to need monetary policy support, European Central Bank Executive Board member Fabio Panetta said Tuesday.
20 February 2020
EconoStream's subjective views on the hawks and doves at the European Central Bank (ECB), the US Federal Reserve's Federal Open Market Committee (FOMC) and the Bank of England (BoE) and a recap on the current and future voting members. We get asked all the time questions like "is the Fed's Rosengren a hawk or a dove?", "who are the doves on the ECB?" and "are the voters on the FOMC this year more dovish or hawkish?". Here we answer all these questions.
19 February 2020
6th February 2020 Japan’s Government Pension Investment Fund — the world’s largest pension fund — buys the US dollar/ yen (buy US$/sell yen) and then use those proceeds to buys short-end US Treasuries on an unhedged basis, when the US$/yen is about Y108,...
7 February 2020
Risk off mentality in the markets reached a recent peak on Friday with focus in particular on risks around the further spread of Coronavirus. At the close of Friday, OIS markets were predicting 2 full 25bp FOMC interest rate cuts over the next year (see below for a full explanation of what this means).
6 February 2020
The market retains a dovish bias to its expectations – the next move is expected to be a cut rather than a hike, but now the market sees limited chance of a cut at the March meeting, is 50/50 for a cut at the next Monetary Policy Report meeting in May while just 26bp of cuts are priced in by year end – 7bp less than was the case earlier this week.
31 January 2020