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Weekly Commentary: Whatever It Takes to Never Give Up
Weekly Commentary: Whatever It Takes to Never Give Up Any central bank head that passes through an eight-year term without once raising rates has some explaining to do. To leave monetary policy extremely loose for such an extended period comes with major consequences (can we at least agree on that?). So, what went wrong? How […]
What the Hell is the ECB Doing?
What the Hell is the ECB Doing? Danielle DiMartino poses an interesting question regarding the ECB. I have a set of answers. What is the ECB Doing? I started thinking about that question weeks ago. I have a set of answers and even started writing this post before DiMartino brought it to the forefront. There […]
Turkey Exposes Central Bank Incompetence
Turkey Exposes Central Bank Incompetence Last year I asked whether Turkey would be “City Zero in Global Contagion.” That question was based on the crisis unfolding in the Turkish lira which materially threatened a number of major European banks, especially those in Italy. This week highlighted something really interesting for me that, I think, sets […]
Draghi Goes All Out: ECB Cuts Rates, Restarts Open-Ended QE, Changes Forward Guidance, Eases TLTRO, Introduces Tiering
Draghi Goes All Out: ECB Cuts Rates, Restarts Open-Ended QE, Changes Forward Guidance, Eases TLTRO, Introduces Tiering With the market worried that Mario Draghi could surprise hawkishly in his parting announcement… … that is how the market initially interpreted today’s ECB press release, which cut already negative deposit rates for the first time since 2016 to […]
Why The Next ECB Stimulus Plan May Fail
Why The Next ECB Stimulus Plan May Fail In June 2014 I wrote an article called Draghi’s Plan does not fix Europe. In that article, I explained that the structural challenges of the eurozone -high government spending, excessive tax wedge, lack of technology leadership and demographics- were not going to be solved by a round of […]
Signs of recession are hitting Europe. Is its new Central Bank president up for the challenge?
Signs of recession are hitting Europe. Is its new Central Bank president up for the challenge? If new institutional reform is to come to the Eurozone, it will entail a major paradigmatic shift We now know that there will be a changing of the guard at the European Central Bank (ECB) in October. The current […]
“Yellow Light” – Is The Credit Market Finally Reversing
“Yellow Light” – Is The Credit Market Finally Reversing Keep digging Yesterday, the European Central Bank held a stand-pat meeting, keeping the benchmark deposit rate at negative 40 basis points. However, ECB president Mario Draghi indicated that rate cuts and a resumption of asset purchases are on tap for September. In the accompanying presser, the outgoing […]
Lagarde, the ECB and the next crisis
Lagarde, the ECB and the next crisis The appointment of Christine Lagarde as president of the ECB has been greeted with euphoria by financial markets. That reaction in itself should be a warning signal. When risky assets soar in the middle of a huge bubble due to a central bank appointment, the supervising entity should be concerned.Lagarde is […]
Global Negative Yielding Debt Hits Record $12.3 Trillion
Global Negative Yielding Debt Hits Record $12.3 Trillion Somewhere, SocGen’s permabearish strategist Albert Edwards is dancing a jig, as every day that passes bring us every closer to his trademark “Ice Age.” One week after the universe of negative yielding debt regained its prior high of $11.7 trillion, overnight – thanks to the dovish capitulations by both the ECB […]
Blain’s Morning Porridge – June 19th 2019
Blain’s Morning Porridge – June 19th 2019 “You cannot be serious…” Check out the new Edition of Property Chronicle: https://vimeo.com/342064460 Oh dear.. Now I am worried. The only positive I can discern is its International Martini Day – Dukes, here we come.. It was a massive Wowser WTF moment on stocks! Donald Trump says he’s having a meeting […]
China & Buying Gold – Why?
China & Buying Gold – Why? QUESTION: Mr. Armstrong; I believe you said at the WEC in 2017 that central banks will diversify and increase their gold reserves going into the currency crisis coming in 2021. China has continued to increase its gold reserves. You would please update on that development. Thank you PK ANSWER: Central banks […]
Super Mario Draghi’s Day of Reckoning Has Arrived
Super Mario Draghi’s Day of Reckoning Has Arrived “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” — MARIO DRAGHI JULY 26TH 2012 No quote better defines Mario Draghi’s seven-plus years as the President of the European Central Bank than that quote. […]
ECB Warns Slowdown Isn’t Temporary: Draghi Announces Bold Stimulus Plan
ECB Warns Slowdown Isn’t Temporary: Draghi Announces Bold Stimulus Plan Mario Draghi surprised even the doves with his bold new stimulus plan. It won’t help one iota. The Wall Street Journal reports ECB Reverses Course With New Stimulus Measures. The European Central Bank made a major policy reversal Thursday, unveiling plans for fresh measures to stimulate […]
Europe More Than Europe: From ‘Boom’ To The Precipice of Recession
Europe More Than Europe: From ‘Boom’ To The Precipice of Recession Data dependent, they claim. They aren’t. Mario Draghi at his last press conference admitted, “incoming information, [is] somewhat weaker than expected.” There is so much riding on the word “somewhat.” Because of the weasel, the head of the ECB told the assembled media policy […]
Watch Live: The World’s Top 3 Central Bankers Discuss What’s Next
Watch Live: The World’s Top 3 Central Bankers Discuss What’s Next Update: Powell has maintained his hawkish tone from last week’s press conference with his comments in Sintra on the labor market and monetary policy. He expressed confidence in the US economy and said “the case for continued gradual rate hikes is strong.” According to […]
