By David Barwick – FRANKFURT (EconoStream) – European Central Bank Governing Council member Boštjan Vasle said Friday that economic developments were increasingly likely to undershoot the ECB’s most recent staff macroeconomic forecasts, but that the ECB’s measures to date remained sufficient.
30 October 2020
By David Barwick – FRANKFURT (EconoStream) – The European Central Bank intends to recalibrate its policy stance in December in view of the downside risks to the economy and based on the revised staff macroeconomic forecasts available then, Governing Council member Ignazio Visco said on Friday.
30 October 2020
By David Barwick – FRANKFURT (EconoStream) – The European Central Bank’s decision in December could involve fine-tuning of existing instruments as well as the introduction of a new tool, but in any case will reflect the data available then, ECB Governing Council member Robert Holzmann suggested on Friday.
30 October 2020
By Sophia Rodrigues – SYDNEY (EconoStream) – Bank of Canada has become the latest central bank to provide dual forward guidance on its policy outlook as it aims to provide certainty on interest rates to households and businesses in an environment of uncertainty.
30 October 2020
By Sophia Rodrigues – SYDNEY (EconoStream) – The Reserve Bank of Australia’s bond-buying plan under Quantitative Easing is likely to include bonds in the 5-10 year range but its expectation is that it would also drive down bond yields beyond that term.
30 October 2020
By David Barwick – FRANKFURT (EconoStream) – The Governing Council of the European Central Bank decided at its latest monetary policy meeting that a thorough recalibration of its monetary policy stance would have to wait until December, but vowed that it would not remain passive between now and then, ECB President Christine Lagarde said Thursday.
29 October 2020
By David Barwick – FRANKFURT (EconoStream) – The European Central Bank’s Governing Council faces a choice at Thursday’s monetary policy meeting that could be uncomfortably stark for some of its members. Though financial markets expect another stand-pat decision, events since September 10 may have fostered the sentiment among some participants that the ECB is in danger of falling behind the curve. A surprise outcome is not excluded.
26 October 2020
By Sophia Rodrigues – SYDNEY (EconoStream) – There is a high degree of certainty around most of the monetary policy decisions the Reserve Bank of Australia will announce at the November board meeting but one decision where there is some uncertainty is the rate on Exchange Settlement balances.
22 October 2020
By Sophia Rodrigues – SYDNEY (EconoStream) – The Reserve Bank of Australia introduced a 0.25% target for Australian government bonds in March and everyone called it Yield Curve Control.
22 October 2020
By David Barwick – LONDON (EconoStream) – The Bank of England is not running out of monetary policy room to manoeuvre, Dave Ramsden, Deputy Governor for Markets, Banking and Resolution at the BOE and member of the UK’s Monetary Policy Committee (MPC), said on Wednesday.
21 October 2020
By David Barwick – LONDON (EconoStream) – Downside economic risks are apparently materialising and any change in the Bank of England’s policy stance is more likely to be toward more accommodation, Gertjan Vlieghe, external member of the BOE’s Monetary Policy Committee, said on Tuesday.
20 October 2020
By David Barwick – FRANKFURT (EconoStream) – European Central Bank Governing Council member Pablo Hernandez de Cos on Tuesday said that the crisis was lasting longer than had been expected and that the pandemic’s persistence was increasing the likelihood of structural damage to the economy.
20 October 2020
By David Barwick – FRANKFURT (EconoStream) – Monetary policy in the euro area has to remain accommodative so as to avoid the threat of feedback loops, European Central Bank Governing Council member Jens Weidmann said on Monday.
20 October 2020
By David Barwick – FRANKFURT (EconoStream) – European Central Bank Executive Board member Yves Mersch on Monday said that the most recent information shows the economic recovery to be losing momentum on account of the resurgence of the pandemic.
19 October 2020
By David Barwick – FRANKFURT (EconoStream) – European Central Bank President Christine Lagarde on Monday acknowledged the growing risks to the economic recovery from the resurgence of the pandemic.
19 October 2020
By David Barwick – FRANKFURT (EconoStream) – An interview published over the weekend with European Central Bank Executive Board member Fabio Panetta highlights the impatience of some on the ECB Governing Council to act, potentially as soon as the policy meeting scheduled for October 29.
19 October 2020
By David Barwick – FRANKFURT (EconoStream) – This is the wrong time for policy to be hesitant, European Central Bank Executive Board member Fabio Panetta said Saturday.
17 October 2020
By David Barwick – FRANKFURT (EconoStream) – European Central Bank President Christine Lagarde on Thursday reiterated the ECB’s willingness to take further measures if needed.
15 October 2020
By David Barwick – FRANKFURT (EconoStream) – The interview that appeared Sunday with European Central Bank Executive Board member Philip Lane showed a side of the ECB’s chief economist observers may not be accustomed to. The relatively hawkish sentiments expressed by Lane should not delude anyone into too heavily discounting further monetary stimulus later this year.
13 October 2020
By David Barwick – FRANKFURT (EconoStream) – The decline in the real equilibrium interest rate has not rendered monetary policy ineffective and the European Central Bank’s unconventional policy tools have not had as harmful side effects as some suggest, ECB Executive Board member Isabel Schnabel said Monday.
12 October 2020