March 7, 2019

ECB turns into easing mode as the macro outlook became clouded

ECB turns into easing mode as the macro outlook became clouded

Market Comentary
07/03/2019

Highlights:

The ECB revised its macro outlook significantly down and even continues to see the activity risks on the downside.
At today’s meeting the ECB stepped up its forward guidance. It now expects rates to remain at current levels “at least through the end of 2019”.
It also announced a series of seven new quarterly TLTROs starting in September with 2Y maturity but as less favourable conditions than for the last TLTROs.
Today’s ECB decisions are a moderate positive for equities as well as credits and will dampen the rise in core government bond yields in 2019.

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ECB TURNS INTO EASING MODE AS THE MACRO OUTLOOK BECAME CLOUDED

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