European Central Bank

U.S. GDP, Monetary Policy Statements from ECB & Japan, and So Much More

October 28, 2021

Financial market activity overnight: The dollar and 10-year sovereign debt yields are little changed on this busy Thursday. Equities fell in Asia including losses of 1.2% in China, 1.0% in Japan, 1.2% in Indonesia, and 1.9% thus far in India. European share prices have risen a bit, however, and U.S. futures are also in the […] More

ECB Changes Forward Policy Guidance

July 22, 2021

At today’s scheduled European Central Bank Governing Council meeting, news was made even though the interest rate structure (a zero percent refinancing rate of zero percent since September 2 the quantitative stimulus. A change in expressed guidance over what to expect from the bank’s policy in the future, officials now say that interest rates will […] More

G7 Meetings, ECB Press Conference, and Released CPI and Industrial Production Share Spotlight

June 10, 2021

Climate change and challenges from China and Russia headline the agenda of this year’s Group of Seven summit in Cornwall, U.K.. This is U.S. President Biden’s first summit. The Governing Council of the European Central Bank, as expected, did not modify its accommodative monetary stance nor forward guidance regarding future policy. Key interest rates (a […] More

ECB Governing Council Signals Greater Attention to the Euro

April 22, 2021

As expected, the European Central Bank left its interest rate structure, quantitative policy settings, and forward guidance unchanged at today’s review. The deposit rate will stay at negative 0.5%, and there remains a 1.85 trillion euro envelope on the Pandemic Emergency Purchase Program. The characterization of inflation dismisses the recent acceleration as a development stemming […] More

Spotlight on Europe: ECB Meeting and Several Indicator Releases

April 22, 2021

The weighted DXY dollar index dipped 0.1% overnight despite gains of 0.3% against the Swiss franc, 0.2% versus sterling and 0.1% relative to sterling. A new wave of Turkish lira sales also lifted the dollar 0.5% against the currency. There were modest dollar losses of 0.2% against the Mexican peso and New Zealand dollar and […] More

ECB Maintains Interest Rate Levels and Forward Guidance and Announces Near-Term increase in Pace of PEPP Bond Buying

March 11, 2021

This week’s monetary policy review by the Governing Council of the European Central Bank left the interest rate structure unchanged, with a zero percent refinancing rate flanked by a negative 0.5% overnight deposit rate and a +0.25% rate on the marginal lending facility. Euroland has been less successful than many other places rolling out Covid-19 […] More

European Central Bank Maintains Loose Monetary Stance

January 21, 2021

Having augmented the ECB’s Pandemic Emergency program (PEPP) of asset purchases by half a trillion euros and extending this “very accommodative” quantitative stimulus from mid-2021 to March of 2022 at its final policy review of 2020, the European Central Bank governing council left all quantitative and interest rate settings unchanged at its first meeting of […] More

Slew of U.S. Executive Orders and Central Bank Policy Reviews

January 21, 2021

President Biden’s inaugural address yesterday called for national unity to face down the many severe challenges now juxtaposed. 17 executive orders followed to reverse several polices of the Trump era. Contrary to warnings, inauguration day was free of domestic violence. U.S. stocks experienced their greatest advance on a presidential inauguration day since 1985, when Reagan […] More

European Central Bank

October 29, 2020

The ECB Governing Council did not change policy settings, nor was a change expected by street analysts. The deposit rate has been -0.5% since September 2019, and the size of the PEPP program of pandemic support was lifted to 1.35 trillion euros last June and will remain at least through next June. Regular asset purchases […] More

European Central Bank Leaves Policy Settings As Is

July 16, 2020

The European Central Bank’s Governing Council agreed to continue with currently expansive monetary policy settings. According to a released statement, the refinancing rate is zero percent since its last cut of 5 bps in late 2015 and is flanked by a negative 0.50% deposit rate (last cut by 10 bps in September 2019) and a […] More