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Schnabel Hints At Anti-Frag Tool, But Details Still Sparse (1)

ECB

Speaking today at Panthéon-Sorbonne University on euro area bond market fragmentation, Isabel Schnabel stated:

  • "...monetary policy needs, at times, to respond to market developments that undermine the smooth transmission of monetary policy."
  • "...monetary policy has turned less accommodative in light of the persistent surge in inflation. As monetary support is being withdrawn around the world, we are seeing a decompression of risk premia across market segments, including in euro area bond markets."
  • "Over recent days, concerns about the extent of monetary policy tightening needed to restore price stability have grown stronger. The increase in sovereign risk premia has accelerated, liquidity conditions have become more challenging, and daily changes in bond yields have increased "
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