ecb

20 January 2021

AFS Morning Comment January 21 2021

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…

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ecb

15 January 2021

AFS Morning Comment January 15 2021

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…

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12 January 2021

AFS Morning Comment January 12 2021

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,…

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ecb

6 January 2021

AFS Morning Comment January 6 2021

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…

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