March 7, 2019

ECB turns into easing mode as the macro outlook became clouded

Share on facebook
Share on twitter
Share on linkedin
Share on email

In Short

At today’s Governing Council meeting, the ECB surprised markets by adopting a series of supportive monetary policy measures: Key rates will not be altered at least until year-end 2019 (from “through summer 2019” before), a series of new TLTROs was announced and the fixed-rate full allotment procedure was extended until at least March 2021.
ECB turns into easing mode as the macro outlook became clouded
Share on facebook
Share on twitter
Share on linkedin
Share on email

Highlights:

  • The ECB revised its macro outlook significantly down and even continues to see the activity risks on the downside.
  • At today’s meeting the ECB stepped up its forward guidance. It now expects rates to remain at current levels “at least through the end of 2019”.
  • It also announced a series of seven new quarterly TLTROs starting in September with 2Y maturity but as less favourable conditions than for the last TLTROs.
  • Today’s ECB decisions are a moderate positive for equities as well as credits and will dampen the rise in core government bond yields in 2019.

Download the full publication below

ECB TURNS INTO EASING MODE AS THE MACRO OUTLOOK BECAME CLOUDED

Also interesting

brainstorming-concepts
June 23, 2021
Press Releases

Aperture Investors and Sycomore AM Funds now available through Volksbank

Picture1
00:07:08
June 22, 2021
Podcast

The Spotlight ǀ Powering progress: Luca Fasan presents the new Sycomore Global Education Fund

Picture1
June 22, 2021
Active Equity

Powering progress: the Sycomore Global Education Fund