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mercredi 11 septembre 2019
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Fax du mercredi 11 septembre 2019 - Tous les titres

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Comments ahead of the ECB's Thursday meeting

By Jim LEAVISS, Head of Retail Fixed Income at M&G  

Background

  - The ECB board meets on Thursday this week to decide its policy response to a bleak economic outlook in the eurozone, and continued global uncertainty. - Bond markets are priced for a large stimulus package. Whilst 10 year bund prices are off the highs they reached in August, when yields fell below -0.7%, they still trade at -0.57%, which is lower than the current ECB deposit rate (-0.4%), implying that the bond market expects the ECB to cut its interest rates. - This level of bond yields also reflects the possibility/likelihood that the ECB restarts its Quantitative Easing programme. -...
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