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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMonday saw Goldman Sachs note that......>
MARKET TALK: Monday saw Goldman Sachs note that "besides traditional rates cuts,
central banks may also consider YCC. We think the central bank most likely to
implement the policy this year is the BoC, likely out to 3-5 years. The Fed has
also raised the possibility of using YCC to tgt rates. Our economists think that
in order for YCC to be effective, the Fed would have to cap rates 4 years out at
a minimum. This is akin to the RBA's adopted YCC out to the 3-year point. But at
present, we don't exp. the Fed to move to this policy before having more clarity
about the outlook. The RBNZ hasn't discussed YCC publicly & appears to prefer
QE, at least for now. Still, our economists wouldn't rule it out down the line
if other policy tools were exhausted. Given the RBNZ's preference for not
holding more than 50% of the NZ bond market, if it looks like they are going to
breach that target they may consider switching to YCC (similar to the BOJ).
There hasn't been much discussion on YCC by ECB, BOE or Scandi central banks.
For the ECB, while it's unlikely the bank would adopt an explicit anchor for LT
yields for a variety of reasons, we think in the course of their QE program, the
bank may attempt to limit upside risks to bund yields."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.