Reports Tagged: ECB

November 28, 2022

European Central Bank Executive Board member Isabel Schnabel, who we have long considered to be the most important and influential thought leader on the Board in support of President Christine

November 22, 2022

In yesterday’s report, (SGH 11/22/22, “ECB: Frontloading Pressures”), we outlined ongoing pressures beneath the surface across the ECB to continue the process of frontloading interest rate hikes. And while 50bps

November 21, 2022

After a pair of jumbo-sized 75 basis point rate hikes to bring its policy rate to 1.5%, and concerned about potential recessionary pressures, the European Central Bank’s lean, if not

October 27, 2022

There was little drama going into today’s monetary policy meeting of the European Central Bank surrounding a second, outsized 75-basis points rate hike that had for some time now been

October 20, 2022

In yesterday’s report, “ECB: Rates, Remuneration, and Balance Sheet,” we inadvertently triggered a bit of a tempest among some of our clients that are deeply familiar with the workings of

October 19, 2022

The European Central Bank will hike its benchmark deposit rate by 75 basis points, from 0.75% to 1.50%, when the Governing Council convenes again in Frankfurt next Thursday, October 27

October 11, 2022

European Union leaders managed to agree last Friday that they would like natural gas and energy prices more generally to be lower, but that is where consensus ended. How to reach that

October 03, 2022

European Union governments and the European Central Bank are struggling to reconcile two objectives that are contradictory and whose policy responses are pulling the economy in opposite directions: how to

September 30, 2022

The European Central Bank is monitoring potential spillover effects on euro area banks and pension funds from the collapse in UK gilt markets but believes it to be contained. Through

September 08, 2022

We believe the single, overarching take away for markets from Christine Lagarde’s press conference today following the European Central Bank Governing Council meeting should be just how many references the

August 31, 2022

The European Central Bank will send a strong signal of its resolve in tackling inflation to markets and to the euro area public and will hike its benchmark deposit rate

August 18, 2022

While we do not usually write on policymaker interviews, we believe today’s comments by European Central Bank Executive Board Member Isabel Schnabel, who we have followed closely as one of

July 21, 2022

The Governing Council of the European Central Bank decided to hike interest rates today by fifty basis points as it simultaneously rolled out a Transmission Protection Instrument (TPI) to address

July 13, 2022

Markets have taken to heart European Central Bank President Christine Lagarde’s guidance to expect a modest, 25-basis point hike lift-off from the bank’s negative 0.50% deposit rate at its upcoming

July 05, 2022

European Central Bank President Christine Lagarde has gone out of her way to translate the ECB’s rather oblique message of “gradualism, optionality, and flexibility” into plain language and explicit interest

June 23, 2022

A few quick observations on some feedback we received on yesterday’s report, SGH 6/22/22, “ECB: Fragmentation, Backstop, and PEPP Reinvestments.” On thresholds and spreads: SGH clients seem to understand, as

June 21, 2022

Last week, President Christine Lagarde and the Governing Council of the European Central Bank instructed the ECB and Eurosystem staff to present proposals for a standby facility that could be

June 09, 2022

The Governing Council of the European Central Bank announced today that it will end its bond buying Asset Purchase Program as expected on July 1, and more importantly for markets,

June 15, 2022

While the press and markets are understandably focused on parsing the brief statement on bond market fragmentation that was just released by the European Central Bank, we urge you to

May 23, 2022

As President of the European Central Bank, Christine Lagarde’s public policy signals and economic outlook will at times lag, by design, the public discourse of her fellow Governing Council members.