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
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
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,
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
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.
European Central Bank officials have rapidly coalesced around lift-off and the near-term monetary policy normalization path that we have been expecting for quite some time. That consensus now lies squarely
In a series of reports starting in early March, we wrote that consensus across the European Central Bank was coalescing around an accelerated end to the Asset Purchase Program in
European Central Bank President Christine Lagarde noted in her press conference following today’s meeting of the Governing Council that “the journey” towards monetary policy normalization has begun. That means a
We would suggest you put any “on the one hand, on the other hand” summary of the just released minutes of the March 10 European Central Bank meeting of the
The ink had not even dried on the European Central Bank’s last quarterly forecast revision on March 10, and it was already clear to all but the most dovish of
The Governing Council of the European Central Bank agreed today to accelerate its previously communicated Asset Purchase Program tapering path to signal a potential, if not very likely, end to
Some last-minute comments to add to our European Central Bank meeting preview, “SGH 11/22/21, ECB: Rate Hike Optionality,” ahead of tomorrow’s Governing Council decisions, starting with a reminder of a
The meeting of the European Central Bank Governing Council just concluded today marks a sharp shift in positioning and communication by the ECB to lay the groundwork for what we
No policy decision is expected at the Monetary Policy Meeting of the Governing Council of the European Central Bank that concludes this coming Thursday, February 3, and which falls between
The policy decisions announced by the Governing Council of the European Central Bank today were taken to achieve two overarching goals. The first was to set a near-term glidepath for
Some last-minute comments to add to our European Central Bank meeting preview, “SGH 11/22/21, ECB: Rate Hike Optionality,” ahead of tomorrow’s Governing Council decisions, starting with a reminder of a
European Central Bank officials, concerned by the notion that markets may start pricing “premature” rate hikes some twelve months into the future, have pushed back on expectations of a fourth
European Central Bank officials, concerned by the notion that markets may start pricing “premature” rate hikes some twelve months into the future, have pushed back on expectations of a fourth
The last paragraphs of today’s just released speech by influential European Central Bank Board Member Isabel Schnabel have been flagged to us by European Central Bank officials as noteworthy and
On October 18 we wrote that the meeting of the Governing Council of the European Central Bank that concluded yesterday would serve mainly to “gauge the mood around the table”
