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’No nuclear announcement from the ECB
There’s really only one thing on the agenda this Thursday – the ECB’s meeting and subsequent press conference.
But few in the City expect President Trichet to surprise the markets with a shock-and-awe style bond-buying blitz.
Schatz-ing through Europe’s excess liquidity
Did you notice the, erm, fireworks in the September Schatz last week?
This particular futures contract in German short-term debt reached an all-time high on Friday.
And those unlucky enough to (still) be short-the-Schatz can blame this man — Bundesbank head and European Central Bank governing council member Axel Weber — and his Thursday interview with Bloomberg News.
Totting up a Greek Götterdämmerung
A billion here, a billion there, and soon you’re talking real money, as a US Senator once (possibly) said. For Bundesbanker Axel Weber, however, you’re mostly talking a giant headache, as numbers fly over what rescuing Greece will actually cost Europe.
All about exit strategies now
Policymakers would rather we didn’t worry about the longer-term inflationary consequences of their unconventional monetary policies. Yet we do. What’s more, a growing number of voices out there appear to be looking at long-term yields and worrying too.
News from Jackson Hole: Saddle up ma, it’s a shadow banking run
Perhaps it’s true what George Bernard Shaw said – that if you laid down every economist in a line, they still wouldn’t reach a conclusion. Things are decidedly inconclusive at Jackson Hole in Wyoming, where central bankers are meeting for their annual symposium.