That was almost too painful to watch, ECB President’s Lagarde press conference. In her attempt to walk back on the hawkishness of the Governing Council statement she failed to give a clear message on what…
Can the money market curve become inverted without pricing in a high likelihood of an ECB deposit rate cut? Put differently: is it possible for Euribors to settle consistently below the deposit rate and ESTR…
Data in the chart pack is updated through January 22. For the full report, click here
When vaccination campaigns stumble, money market rates tumble Not often mentioned in the Morning Comment. Never probably. But if we want to gauge the effectiveness of vaccination campaigns in the real world, we will have…
Fed-speakers have floated various dates for tapering bond purchases. And mind you, the taper talk isn’t the rambling of some unrepentant hawks. Four regional Fed chiefs – all of them middle-of-the road centrists (Kaplan, Bostic,…
Just a few quick remarks on banks meeting the ECB’s threshold for the TLTRO iii loans. Recall that if banks manage to keep the size of their loan stable compared to the baseline set by…
