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1 July 2020

AFS Morning Comment July 1 2020

Now’s not the time for ECB-speakers to taper QE bond purchase. Not now, not in a month and not in a year from now. They shouldn’t even mention tapering QE. Unfortunately, we have had three…

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10 June 2020

AFS Morning Comment June 10 2020

In the post-pandemic world of monetary policy there are now so many variables that it would take a team of analysts to analyze the Fed’s footprint in markets. We have the Fed buying corporate bonds;…

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2 June 2020

AFS Morning Comment June 2 2020

Let’s get this out of the way first. The ECB will expand the QE program at Thursday’s Governing Council meeting. In a comment last week we suggested another QE “envelope” of 750 billion euros as…

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AFS

29 May 2020

AFS Morning Comment May 29 2020

As far as the Euro Area economy is concerned, the glass is half full. And that’s not just because we finally have some Euro Area wide coordinated fiscal stimulus – the Merkel-Macron plan. Oh, and…

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6 May 2020

AFS Morning Comment May 6 2020

An ironic interpretation of the German Supreme Court’s verdict on the ECB’s Public Sector Purchase Programmme (PSPP)[1] is that the judges want a better mix of fiscal and monetary stimulus. With more emphasis on the…

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Beursplein 5 voor offices (1)

23 April 2020

AFS Morning Comment April 23 2020

A disclaimer first. This will not be a do-or-die EU summit on the economic rescue of the region. We dub it the ‘webcam summit’, by the way as our dear leaders cannot meet in person…

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