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Eurozone Quantitative Easing: The Man on the Street (?) Summary
Today, the world is expecting Mario Draghi to announce a formal round of Quantitative Easing in the Eurozone. And I say “formal” because actually, it’s already been sort of happening through the ECB’s purchases of “peripheral bonds”*. *That is: buying the government debt of the peripheral Eurozone countries, like Cyprus, Greece, Italy, Portugal, etc. These bond […]
read moreNegative Interest Rates, and other curiosities
Today’s office politics post is making way for yesterday’s fairly stupendous announcement that the European Central Bank will now be demanding payment from banks for the privilege of banking their money*. *thanks to the FT for the cartoon above. Some opening comments from Mr Draghi: “Now we are in a completely different world: low inflation, […]
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The Drag(hi) of Negative Interest Rates
What is a negative interest rate - and does it/should it matter?
read moreAND WE SHALL UNLIMITEDLY BUY BONDS
UNLIMITED BOND BUYING. Link: they did it. The key points: No change to the benchmark interest rate (so no banks will be paying the ECB for the privilege of lodging funds with them). An unlimited bond repurchase program (of bonds of less than 3 years maturity). The Bundesbank was disgusted with it all, announcing post the […]
read moreDaily News Roundup 2012: Thursday 17 May
Good morning The headlines: The Democrat Senate rejects five different budget plans. Link: WHAT is going on? It seems that the Republicans used some obscure rule to force the Senate to rule on all their proposed budgets (in a single day?) – as an attempt to embarrass the Democrats for failing to organise a budget for the […]
read moreDaily News Roundup 2012: Monday 23 April
Good morning The headlines: So the IMF is $480 billion richer this week. But it’s short of the $600 billion that Christine Lagarde was hoping for (the US decided not to offer anything – wisely, as where would their money have come from?). In her speech, she used a great metaphor about needing an umbrella if […]
read moreDaily News Roundup 2012: Thursday 5 April
Good morning The headlines: In Eurozone news, the pressure is properly hyping around Spain. This after the near-tragedy of Spain’s debt auction yesterday. Spain sold 2.59 billion euros worth of bonds in the auction – which was just above the minimum amount that it had planned, but well below the maximum of 3.5 billion. At […]
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