{"id":46767,"date":"2019-06-19T12:34:48","date_gmt":"2019-06-19T17:34:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46767"},"modified":"2019-06-19T12:34:56","modified_gmt":"2019-06-19T17:34:56","slug":"no-rate-cuts-were-not-discussed-ecb-insiders-out-draghi-as-fabricator-schemer-and-talk-to-reuters","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46767","title":{"rendered":"No, Rate Cuts Were Not Discussed: ECB Insiders Out Draghi as Fabricator &#038; Schemer, and Talk to Reuters"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/wolfstreet.com\/2019\/06\/18\/no-we-didnt-discuss-rate-cuts-ecb-insiders-out-draghi-as-fabricator-schemer-and-talk-to-reuters\/\">No, Rate Cuts Were Not Discussed: ECB Insiders Out Draghi as Fabricator &amp; Schemer, and Talk to Reuters<\/a> <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Draghi\u2019s shenanigans get hilarious, months before his term ends.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So here\u2019s ECB President Mario Draghi, whose term ends in October, and he\u2019s at the ECB Forum in Portugal, and in a&nbsp;<a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2019\/html\/ecb.sp190618~ec4cd2443b.en.html\">speech<\/a>&nbsp;on Tuesday titled innocuously, \u201cTwenty Years of the ECB\u2019s monetary policy\u201d \u2013 so this wasn\u2019t a press conference after an ECB policy meeting or anything, but a speech on history at an ECB Forum \u2013 he suddenly threw out a whole bunch of stuff\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How, \u201cin the absence of improvement\u201d of inflation, \u201cadditional stimulus will be required,\u201d in form of \u201cfurther cuts in policy interest rates\u201d and additional bond purchases, and how \u201cin the coming weeks, the Governing Council will deliberate how our instruments can be adapted commensurate to the severity of the risk to price stability,\u201d and that \u201call these options were raised and discussed at our last meeting.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whoa! Wait a minute, said the good folks who were part of the ECB\u2019s June meeting. These options were&nbsp;not discussed, they told Reuters on Tuesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Draghi had ventured out there on his own \u2013 apparently trying to push his colleagues into a corner single-handedly as his last hurrah.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">His vision laid out on Tuesday was quite a change from the June 6 post-meeting&nbsp;<a href=\"https:\/\/www.ecb.europa.eu\/press\/pressconf\/2019\/html\/ecb.is190606~32b6221806.en.html\">announcement<\/a>, which didn\u2019t mention anything about even discussing rate&nbsp;cuts. It said that the ECB expects its policy rates to \u201cremain at their present levels at least through the first half of 2020,\u201d before the ECB would begin to&nbsp;raise&nbsp;them, with the bias still on raising rates, not cutting rates. That was less than two weeks ago, and there had not been another ECB policy meeting since then.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>No, Rate Cuts Were Not Discussed: ECB Insiders Out Draghi as Fabricator &amp; Schemer, and Talk to Reuters Draghi\u2019s shenanigans get hilarious, months before his term ends. So here\u2019s ECB President Mario Draghi, whose term ends in October, and he\u2019s at the ECB Forum in Portugal, and in a&nbsp;speech&nbsp;on Tuesday titled innocuously, \u201cTwenty Years of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[233,281,534,25991,683,4255],"class_list":["post-46767","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ecb","tag-europe","tag-monetary-policy","tag-rate-cuts","tag-reuters","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46767"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46767\/revisions"}],"predecessor-version":[{"id":46768,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46767\/revisions\/46768"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}