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Tag Archives: european central bank
Is Draghi Really Ending QE?
Is Draghi Really Ending QE? Mario Draghi said the euro-area economy is strong enough to overcome increased risk, and therefore this justifies the European Central Bank’s decision to end bond purchases bringing to an end a decade-long failed experiment. The truth behind this statement is starkly different than being portrayed in the press. Draghi also pledged […]
Weekly Commentary: The Great Fallacy
Weekly Commentary: The Great Fallacy A big week in the world of monetary management: The Federal Reserve raised rates 25 bps, the ECB announced plans to wind down its historic QE program, and the Bank of Japan clung to its “powerful monetary easing” inflationist scheme. A tense People’s Bank of China left rate policy unchanged, […]
The Eurozone’s Coming Debt Crisis
The Eurozone’s Coming Debt Crisis The European Central bank has signaled the end of its asset purchase program and a possible rate hike before 2019. After more than 2 trillion euro of purchases and zero interest rate policy, it is overdue. The massive quantitative easing program has generated very significant imbalances and the risks outweigh […]
Breslow: “If You Ever Needed Proof That Central Banks Have Crushed These Markets, There You Have It”
Breslow: “If You Ever Needed Proof That Central Banks Have Crushed These Markets, There You Have It” It’s been a while since we featured the grouchy version of Richard Breslow, Bloomberg’s “Trader’s Notes” author, who is back with a bang with his latest missive, explaining why “Ignoring Current Events Just Makes You a Slave” and […]
ECB & Bonds – People Believe What They Want to Believe
ECB & Bonds – People Believe What They Want to Believe QUESTION: the ECB is arguing that given the low free float of EU bonds (especially German), bonds not owned by the ECB or other central banks, the impact of an end to APP purchases will be nowhere comparable to the tapering sell-off in the US […]
The Pension Crisis Will Break Up the EU
The Pension Crisis Will Break Up the EU The German public broadcast agency ARD is proposing structural changes. Due to the low-interest rates, the ECB has placed the agency in hard times with its pensions. Karola Wille, the director, has called for structural reform to reduce costs. The proposal centers on technological change to increase efficiency […]
The Relevance of Hayek’s Triangle Today
THE RELEVANCE OF HAYEK’S TRIANGLE TODAY Most of us are aware of the inflationary pressures in the major economies, that so far are proving somewhat latent in the non-financial sector. But some central banks are on the alert as well, notably the Federal Reserve Board, which has taken the lead in trying to normalise interest […]
After Italy… Spain Risk Soars
After Italy… Spain Risk Soars Political risk in Europe was largely ignored in international markets because of the mirage of the so-called “Macron effect”. The ECB’s massive quantitative easing program and a perception that everything was different this time in Europe added to the illusion of growth and stability. However, a storm was brewing and […]
Debt Deflation Italian Style
Debt Deflation Italian Style New York – This week The IRA will be at the MBA Secondary Market Conference & Expo, as always held at the Marriott Marquis in Times Square. The 8th floor reception and bar is where folks generally hang out. Attendees should not miss the panel on mortgage servicing rights at 3:00 […]
Is the US Exporting a Recession?
IS THE US EXPORTING A RECESSION? The Federal Reserve continue to raise rates as S&P earnings beat estimates The ECB and BoJ maintain QE Globally, corporations rely on US$ financing, nonetheless Signs of a slowdown in growth are clearer outside the US After last week’s ECB meeting, Mario Draghi gave the usual press conference. He confirmed […]
ECB Capitulates On Defusing Eurozone’s “$1 Trillion Ticking Time Bomb”
ECB Capitulates On Defusing Eurozone’s “$1 Trillion Ticking Time Bomb” In late 2017, the ECB surprised central bank watchers, briefly spooked markets, and angered many Italians, with its plan to eradicate what many have dubbed the “ticking time-bomb” at the heart of the Eurozone, namely the roughly $1 trillion in non-performing loans across European banks […]
Draghi Admits “Growth May Have Peaked”; ECB To Delay QE Unwind
Draghi Admits “Growth May Have Peaked”; ECB To Delay QE Unwind As we have showed repeatedly over the past month, the European economic imploding, and nowhere is this more obvious than the Citi Eurozone Economic Surprise Index why will soon hit its post financial crisis lows. It appears that after weeks of dithering, someone at […]
The Central Bank Crisis on the Immediate Horizon
The Central Bank Crisis on the Immediate Horizon While the majority keep bashing the Federal Reserve, other central banks seem to escape any criticism. The European Central Bank under Mario Draghi has engaged in what history will call the Great Monetary Experiment of the 21st Century – the daring experiment of negative interest rates. A look […]
ECB Tells Deutsche Bank To Simulate A “Crisis Scenario”
ECB Tells Deutsche Bank To Simulate A “Crisis Scenario” In a stark reminder that despite all the operational and management turmoil over the past three years, few if any of the outstanding concerns involving Europe’s banking behemoth – Deutsche Bank, which has gone thorugh – with €48 trillion in net notional derivatives has been resolved… […]
Bank of Japan Buys Record Amount of Equity ETFs: Once Upon a Time
Bank of Japan Buys Record Amount of Equity ETFs: Once Upon a Time The Japanese stock market fell, so the Bank of Japan bought more equity funds. After cornering the bond market, the Bank of Japan has its sight on the stock market with a Record Buying Binge in March. The Bank of Japan spent […]
