Mario Draghi

ECB Presents Greater Willingness to Ease by all Mandate-Allowable Means Should that Become Necessary

April 3, 2014

There was not rate cut or additional unconventional stimulus unveiled after this month’s Governing Council policy meeting.  But tougher language was used in a released statement and at President Draghi’s press conference to convey that Council officials are taking this prolonged period of low inflation more seriously and are unanimously prepared to implement extra conventional […] More

Geopolitical Tensions Intensify Market Fear of Risk

February 27, 2014

Escalating tension within Ukraine between those loyal to Russia and those seeking closer ties with Europe sent the hyrvnia tumbling some 10% to 11.2/USD.  Global financial markets have been infected, with sovereign debt yields and equities falling but the yen and dollar rising. Stocks in Europe have declined by 1.5% in Germany, 1.3% in Spain, […] More

Attention to Central Banks and PMI Data

November 21, 2013

The Bank of Japan did not change monetary policy nor its economic assessment but did upgrade its view of overseas economic conditions.  Governor Kuroda talked confidently about economic trends and the achievements so far of quantitative and qualitative monetary stimulus. Chatter continues after FOMC minutes proved a bit more hawkish than expected.  Reserve Bank of […] More

Mixed Dollar Ahead of GDP Release and 5-Year Treasury Auction

June 26, 2013

The dollar rose overnight by 0.4% against the euro and sterling, 0.2% relative to the Swiss franc and kiwi and 0.1% against the yuan.  The dollar also lost 0.4% versus the Canadian dollar and yen and 0.5% against the Australian dollar. Chinese money markets are showing less strain but still not back to normal. Former […] More

ECB Press Conference and Statement Send Bond Yields and Euro Higher

January 10, 2013

The ECB did not change policy, which was the outcome expected by most analysts, but President Draghi’s statement and press conference went further in suggesting that policy may be approaching an inflection point in terms of the balance of risks surrounding the next policy adjustment.  The decision not to cut rates was unanimous.  Unlike December’s […] More

ECB Press Conference

February 9, 2012

The ECB Governing Council left its three key interest rates including a 1.0% refinancing rate unchanged as most analysts were expecting.  The rates were cut by 25 basis points each in November and December but not changed in January.  A statement was released today that Declared that hard and survey evidence since the January meeting […] More

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