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47 matches for " asset purchases":

22 Sept 2020 Is the ECB Considering Putting the PEPP out to Pasture (Publication Centre)

A Financial Times report over the weekend--see here--added to the speculation that the ECB is not going to lift the amount of asset purchases pledged under its Pandemic Emergency Purchase Program--PEPP-- anytime soon.

16 June 2020 How Much Extra QE will the MPC Announce This Week? (Publication Centre)

We agree with the majority of economists that the MPC will announce on Thursday another £100B of asset purchases, primarily of gilts, once it has completed the £200B of purchases it authorised on March 19.

21 Sept 2020 Why won't the Fed Offer Outcome-based Guidance for its QE Program? (Publication Centre)

The Fed has given itself and markets clear guidance on the minimum requirements for a rate hike-- maximum employment, and inflation at 2% and on track "moderately" to exceed that pace "for some time"--but has offered no clues at all on the drivers of its other key policy tool, namely, the pace of asset purchases.

18 Mar 2020 Fed CP Purchases and the $850B Bill are Progress, but Not Enough (Publication Centre)

The establishment of the Fed's commercial paper funding facility, announced yesterday, replicates the first wave of asset purchases undertaken after the crash of 2008.

26 Mar 2020 CPI Inflation to Slide Well Below 1% in the Summer (Publication Centre)

New BoE Governor Andrew Bailey will be reaching for his letter-writing pen soon, to explain to the Chancellor why CPI inflation is more than one percentage point below the 2% target.

27 Mar 2020 Brace for a Double-Digit Drop in Retail Sales During the Lockdown (Publication Centre)

February's retail sales figures highlighted that consumers' spending was flagging even before the Covid-19 outbreak.

27 May 2020 No Need for Negative Rates When the TFSME Can be Enhanced (Publication Centre)

Speculation that the MPC will abandon its aversion to negative rates has increased, following recent comments by Committee members.

25 June 2018 QE Wind-Down: When, How Fast, and How Far? (Publication Centre)

The MPC's meeting last week was notable not just for its glass half-full interpretation of the latest data, but also for its updated guidance on when it likely will begin to shrink its bloated balance sheet.

28 September 2017 All Systems Go for Solid Eurozone GDP Growth in Q3 and Q4 (Publication Centre)

Money supply growth in the Eurozone firmed last month. Broad money--M3--rose 5.0% year-overyear in August, after a tepid 4.5% rise in July.

19 June 2020 Weekly Gilt Purchases to Halve, Following the MPC's Miserly Meeting (Publication Centre)

The BoE has lived up to its reputation again as one of the most unpredictable central banks.

17 June 2020 An Uneventful BoJ Meeting, as it Sees Light at the End of the Tunnel (Publication Centre)

The Bank of Japan yesterday kept its -0.10% policy balance rate and ten-year yield target of "around zero", as expected.

18 Sept 2020 QE to Remain the Main Monetary Policy Tool, at Least Until the Spring (Publication Centre)

The MPC surprised yesterday both with its bullish take on the economy's current health, and with the news that it will begin, in Q4, "structured engagement on the operational considerations" regarding negative rates.

30 Mar 2020 Should Holders of Gilts Fear the Impending Surge in Issuance? (Publication Centre)

The economic downturn and the Chancellor's unprecedented fiscal measures mean that public borrowing likely will be about four times higher, in the forthcoming fiscal year, than anticipated in the Budget just over two weeks ago.

19 September 2017 China's Property Market Cools, Downtrend now Established (Publication Centre)

China's property market continued to slow in August, with prices rising by just 0.2% month-on- month seasonally adjusted, half the July pace.

4 May 2020 How Might the MPC Refine Its Support Schemes this Week? (Publication Centre)

The MPC won't stand idly by on Thursday, despite having moved decisively to support the economy in March.

6 July 2020 How Would the BoE Reduce its Balance Sheet, if the Need Arose? (Publication Centre)

Governor Bailey signalled a potential shift in the Bank of England's approach to withdrawing monetary stimulus--whenever the time comes--last month in an article for Bloomberg Opinion.

8 June 2020 Will the MPC Swap Its QE Machine Gun for a Bazooka? (Publication Centre)

So far, the MPC has been more timid with unconventional stimulus than other central banks. At the end of May, central bank reserves equalled 29.7% of four-quarter rolling GDP in the U.K., compared to 32.7% in the U.S. and 46.7% in the Eurozone.

9 Dec 2019 Germany's Economy is Still Either in, or Very Close to, Recession (Publication Centre)

The hard data in Germany took a turn for the worse at the start of Q4. The outlook for consumers' spending was dented by the October plunge in retail sales--see here-- and on Friday, the misery spilled over into manufacturing.

9 July 2020 Checking-in on EZ Policy Stimulus, The Money is still Flowing (Publication Centre)

If you had predicted at the start of the year that the ECB balance sheet would leap by just over €1.5T in H1, you would have been laughed out of the room.

6 Aug 2020 The Recovery will Decelerate Sharply in the Autumn (Publication Centre)

A range of indicators show that the pace of the economic recovery shifted up a gear in July, when all shops were open for the entire month, and most consumer services providers finally were permitted to reopen.

6 Aug 2019 The PMIs Are Consistent With a Fragile--Not Flatlining--Economy (Publication Centre)

The rise in the Markit/CIPS services PMI to a nine-month high of 51.4 in July, from 50.2 in June, isn't a game-changer, though it does provide some reassurance that the economy isn't on a downward spiral.

17 Aug 2020 CPI Inflation Likely Edged Up in July, Before Turning Negative in August (Publication Centre)

We expect July's consumer prices report, released on Wednesday, to show that CPI inflation ticked up to 0.7% in July, from 0.6% in June.

5 Aug 2020 Mortgage Refinancing will Support Incomes Immaterially This Year (Publication Centre)

The economy will endure a sluggish recovery from Covid-19 this year, even if a second wave of the virus is avoided, partly because monetary stimulus is not filtering through powerfully to households.

5 June 2020 The ECB Stays Ahead of the Curve, with Consensus-Beating PEPP Lift (Publication Centre)

The ECB took another big step yesterday in assuring markets that it won't waver in the fight against Covid-19.

4 Aug 2020 Rising Covid-19 Infections Signal no Further Net Reopening (Publication Centre)

The continued gradual rise in new confirmed cases of Covid-19 lends more weight to the idea that the economy already has reopened as much as possible while containing the virus.

16 July 2020 The BoJ's Q2 Outlook Tries to Walk a Tightrope as Activity Rebounds (Publication Centre)

July's BoJ meeting was a quiet one, with the Board keeping the -0.10% policy balance rate and the 10- year yield target of "around zero", as widely predicted.

11 Sept 2020 The MPC will Preserve the Option of Another QE Extension in Q4 (Publication Centre)

The MPC likely will steer clear of providing strong signals on the outlook for monetary policy at next week's meeting.

12 Dec 2019 Spare a Moment for Ms. Lagarde, as We Await the Final U.K. Polls (Publication Centre)

The U.K. general election is the main event in today's European calendar, but the first official ECB meeting and press conference under the leadership of Ms. Lagarde also deserves attention.

16 Sept 2020 The Upturn in Redundancies is Only Just Getting Going (Publication Centre)

The latest official data continue to understate the collapse in labour demand since Covid-19.

11 Dec 2019 French Manufacturing is Headed for a Soft Q4, Despite a Solid Start (Publication Centre)

Manufacturing in France remained on the front foot at the start of Q4.

10 Dec 2019 Net Exports in Germany Were Off to a Flying Start in Q4 (Publication Centre)

The early Q4 hard data in Germany recovered a bit of ground yesterday.

12 June 2020 CPI Inflation Likely Took Another Big Step Towards Zero in May (Publication Centre)

We expect May's consumer prices report, released on Wednesday, to show that the headline rate of CPI inflation fell to a four-year low of 0.4% in May, from 0.8% in April.

11 May 2020 More QE Coming in June, Following Inaction from the MPC Last Week (Publication Centre)

The MPC's pause for breath last week disappointed a majority of investors, who thought that it would at least tweak aspects of the support programmes put in place in March.

14 Sept 2020 The Recovery in GDP will Continue to Decelerate Through the Autumn (Publication Centre)

GDP data for July, released on Friday, showed that the economic recovery following the Covid-19 lockdown still does not look V-shaped, even though virtually all restrictions on economic activity had been lifted.

12 May 2020 Andean Economies Stand Out for their Solid Response to Covid-19 (Publication Centre)

The Andean countries were quick to implement significant measures in response to the initial stage of the pandemic, adopting a broad range of economic and social policies to ease the effects.

13 Mar 2020 Mr. Trichet's Infamous 2011 Policy Mistake Just Got Bested (Publication Centre)

Yesterday's ECB meeting was a tragedy in two acts. Markets were initially underwhelmed by the concrete measures unveiled, and they were then shell-shocked by Ms. Lagarde's performance in the press conference.

14 June 2018 The Countdown to the End of QE in the Eurozone Begins Today (Publication Centre)

The ECB will leave its main refinancing and deposit rates unchanged at 0.00% and -0.4%, respectively,

13 Dec 2019 Ms. Lagarde Passes her First Test, but it won't get any Easier (Publication Centre)

The ECB and Ms. Lagarde played it safe yesterday.

12 Nov 2019 How About an EZ Asset that's Impervious to Overvaluation? (Publication Centre)

Financial assets of all stripes are, by most metrics, expensive as we head into year-end, but for some markets, valuations matter less than in others. The market for non-financial corporate bonds in the euro area is a case in point.

21 Jan. 2016 The ECB is Under Pressure to Act, but Likely Will Hold Fire Today (Publication Centre)

Financial markets have put maximum pressure on the ECB going into today's meeting, but we doubt it will be enough to spur the governing council into action so soon after announcing additional stimulus in December. We think the central bank will keep its refi and deposit rate unchanged at 0.05% and -0.3% respectively, and maintain the pace of asset purchases at €60B a month.

18 May. 2015 A Dovish Mr. Draghi Confirms Pledge to Implement QE in Full (Publication Centre)

Comments by Mr. Draghi in Washington last week point to a high bar for an adjustment to the QE program. The ECB president noted that while asset purchases and negative interest rates have driven a notable improvement in confidence and asset prices, the real key to the central bank's policies' success is a lasting boost to investment, consumption and inflation.

22 Apr. 2016 The ECB is Worried About Elevated Financial Market Volatility (Publication Centre)

The ECB held fire yesterday and kept its main refinancing and deposit rates unchanged at 0.0% and -0.4%, respectively. The central bank also left the pace of monthly asset purchases unchanged at €80B. The introductory statement overall confirmed the central bank's dovish stance.

5 Mar. 2015 Bond Markets in the Eurozone Will Stay Crazy as the ECB Starts QE (Publication Centre)

The ECB will keep interest rates on hold later today, and the commitment to monthly asset purchases of €60B--of which €50B will be sovereigns--until September next year will also remain unchanged. Sovereign QE should begin formally next week, but it has already turned bond markets upside down.

27 Apr. 2015 Could higher inflation upset bunds in the second quarter? (Publication Centre)

Monitoring bond markets in the Eurozone has been like watching paint dry this year. Yields across fixed income markets in the euro area were already low going into QE, but they have been absolutely crushed as asset purchases began in February.

23 Jan. 2015 The ECB gets ahead of the curve with significant QE program (Publication Centre)

The ECB sent a strong signal yesterday that it is ready to fight deflation with a full range of unconventional monetary policy tools. Asset purchases, including sovereigns, to the tune of €60B per month will begin in March, and will run until end-September 2016, but Mr. Draghi noted that purchases could continue if the ECB is not satisfied with the trajectory of inflation.

22 Oct. 2015 Markets Will Have to Settle for Just Dovish ECB Rhetoric Today (Publication Centre)

Investors looking for more QE and rate cuts will be disappointed by ECB inaction today. We think the Central Bank will keep its main interest rates unchanged, and also maintain the pace of asset purchases at €60B a month. We do, however, look for a slight change in language, hinting that QE is likely to continue beyond September next year.

Bloomberg - ECB About to Turn Up Printing Press to Finance Europe's Recovery (Media Centre)

Chief Eurozone Economist Claus Vistesen on the latest action from the ECB

Consistently Right

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