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Markets: The ECB released a statement on the changes to the operational framework for implementing monetary policy. In the new framework (cf infra), the ECB will provide liquidity through a mix of instruments including the main refinancing operations (MRO’s), new structural longer-term refinancing operations and a structural portfolio of securities. However, the deposit rate facility […]

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14/12/2023

A Hawkish BoE Followed by An Uneventful ECB Announcement

The Bank of England and the European Central Bank both left rates on hold on Thursday but unlike following the announcement of their counterparts in the US, there were no fireworks. Of course, it’s worth noting that the press conference is yet to happen so fireworks may fly when President Lagarde speaks but the announcement […]
07/08/2024

Remember Inflation? July CPI Preview

Summary The July CPI report is likely to further the case that inflation is quieting down even if it has not yet returned all the way back to the Fed’s target. We look for headline CPI to have advanced 0.2% in July, which would keep the year-over-year rate steady at more than a three-year low […]
17/08/2024

Week Ahead – Jackson Hole and PMIs Enter the Spotlight

As recession fears ease, investors lock gaze on Jackson Hole Eurozone and UK PMIs to affect ECB and BoE expectations Canadian inflation could back third consecutive BoC cut Japan’s Nationwide CPI data also on the agenda Jackson Hole to test overly dovish Fed cut bets Following the unjustified panic triggered by the weaker-than-expected NFP report […]