It wasn’t hard to predict that the January 2020 Governing Council meeting would be a snoozer and that we would learn next to nothing from this meeting about near-term policy. There was a cosmetic upgrade…
In past Comments we explained that we should expect little in the way of clues on monetary policy from ECB President Lagarde. It turns out it’s her style not guide markets in the way of…
While markets were very quiet and uninspiring on the surface, interesting things did in fact happen in the week that was dominated by the signing of the Phase 1 US-China trade deal on Wednesday. Though US…
We certainly do not claim to be trade experts, but here goes: our thoughts on the “phase 1” trade deal. In a nutshell: it’s easy to over-commit, but hard to follow through. Take the headline…
The US money market turmoil in the second half of 2019 has taught us that excess liquidity (or its synonym, excess reserves) is a misleading term. In the late summer/early autumn the Fed lost control…
YTD we haven’t seen much movement in the bond market, with US Treasury and German Bund yields flattish across curve. That’s despite a consensus having emerged that we will see a rebound in global growth…
