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mercredi 11 septembre 2019
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Comments ahead of the ECB's Thursday meeting
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By Jim LEAVISS, Head of Retail Fixed Income at M&G
Background
- The ECB board meets on Thursday this week to decide its policy response to a bleak economic outlook in the eurozone, and continued global uncertainty.
- Bond markets are priced for a large stimulus package. Whilst 10 year bund prices are off the highs they reached in August, when yields fell below -0.7%, they still trade at -0.57%, which is lower than the current ECB deposit rate (-0.4%), implying that the bond market expects the ECB to cut its interest rates.
- This level of bond yields also reflects the possibility/likelihood that the ECB restarts its Quantitative Easing programme.
-...
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