ECB Leaves Rates Unchanged

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  • #12954
    Assistanc3
    Participant

    [article]329[/article]

    #12956
    MoneyNeverSleeps
    Participant

    The extension was longer and EURUSD has fallen more and “maybe beyond” is bearish – all about Draghi speech though

    EURUSD still near session lows at 1.1754, EURGBP 0.8901 EURJPY 133.74

    #12957
    Assistanc3
    Participant

    Press Conference LIVE @ 8:30 am ET
    [video width=425 height=344 type=youtube]HfhTiZMlJVs[/video]

    #12960
    Helmholtz Watson
    Participant

    Highlights From Opening Statement

    From Jan, net asset purchases intended to continue at 30 billion pace until September or beyond
    If outlook becomes less favorable, we stand ready to increase purchases
    Domestic price pressures remain muted
    Ample degree of monetary policy stimulus is still necessary
    Economic expansion continues to be solid and broad based
    Latest survey data point to ‘unabated’ expansion in H2
    Construction investment has strengthened
    Notes broad-based global expansion
    Risks remain broadly balanced
    Notes FX a downside risk
    Wage growth has increased somewhat

    #12961
    Helmholtz Watson
    Participant

    Q&A

    As of January, the ECB will publish monthly redemptions and reinvestments
    We didn’t discuss composition of balance sheet
    Governing council stressed unabated growth momentum
    Real disposable income is increasing, mostly due to gains in employment
    There were some different views on different aspects

    #12962
    Helmholtz Watson
    Participant

    The stock of assets has become more important than the flow
    We didn’t discuss the parameters or limits

    Decision was not unanimous
    Would characterize decisions between as broad consensus on some issues to a large majority on others

    #12963
    Helmholtz Watson
    Participant

    There were different views about whether we should have announced an end date
    The ‘large majority’ of members preferred to keep bond buys open ended

    #12964
    Truman
    Participant

    Interpret it all as ECB doesn’t want to hurt recovery momentum, steady as we go, high euro may become an issue and taper at our own pace thereto.

    #13015
    MoneyNeverSleeps
    Participant

    They have the $EUR which has been a big concern and this report pushed all the right buttons there

    #13018

    #13019

    and the PIIGS are also happy 🙂

    #13030
    ClemSnide
    Participant

    Yes indeed and these PIIGS have for the most part changed nothing structurally and are in worse shape other than Ireland.

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