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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.
ECB
So the ECB decides to go down the route of raising rates on TLTRO borrowing, and apparently not - pending the Lagarde press conference and technical note we get at 1545CET - of doing a reverse-tiering.
- Bank stocks are a little higher but ASW spreads are tightening (see chart below).
- The former is a little difficult to square but makes sense if you think the overall economic impact of the more dovish tone will offset the negative impact of more expensive TLTROs (Eurostoxx are higher in general)
- The latter is what was expected if the ECB tightened liquidity conditions, which they have (seen easing collateral scarcity).
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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