Sunset Wednesday, September 28, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The heavy UK Gilt sell-off triggered a response by the Bank of England. They consider the repricing, especially at the very long end of the curve, as a material risk to UK financial stability Read more…
Sunset Friday, September 9, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • A75 bps rate hike is not the new norm (according to ECB’s Lagarde yesterday at the ECB press conference). Also the Fed pledged to set interest rates in line with incoming economic data. Read more…
Friday, 9 September 2022 Please click here to read the PDF version. Markets • The world’s two biggest central banks were in focus yesterday. The ECB jacked up interest rates by an unprecedented 75 bps to bring the deposit rate at 0.75%. Growth may grind to a halt in the Read more…
Sunset Thursday, September 8, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • The ECB hiked its policy rates by 75 bps: 0.75% for the deposit rate and 1.25% for the marginal lending rate. That makes a cumulative 125 bps tightening over just two meetings. All else Read more…
Sunset Thursday, September 1, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Over the previous days, Fed and ECB policy makers advocating a protracted hiking cycle with yields to stay higher triggered a congruent sell-off in bonds and equities. Even with few important eco data Read more…
Tuesday, 30 August 2022 Please click here to read the PDF version Markets • Yesterday, last week’s repositioning on US and European interest rate markets simply continued with European markets again underperforming. Chair Powell on Friday was very clear that the Fed will do ‘whatever it takes’ to bring inflation Read more…
Sunset Monday, August 29, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Powell’s hawkish 9-minute speech on Friday was followed by decisive commentary from ECB’s Schnabel and Villeroy over the weekend. That delivered a one-two punch to core bonds at the start of the new Read more…
Monday, 29 August 2022 Please click here to read the PDF version Markets • Markets pondering Fed Powell’s assessment on monetary policy dominated trading throughout the whole of last week. It took Powell less than 10 minutes to clarify Fed’s intentions going forward. The Fed’s focus continues to be on Read more…
Friday, 26 August 2022 Please click here to read the PDF version Markets • “It’s time to just go to a meeting-by-meeting basis and not provide the kind of clear guidance that we had provided”. It were the final remarks of Fed Chair Powell at the July Fed meeting after Read more…
Sunset Thursday, August 25, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • Minutes of the July ECB meeting provided some distraction in the countdown to tomorrow’s Jackson Hole address by Fed Chair Powell. They showed that the decision to break guidance of a 25 bps Read more…