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    October 7, 2019

    The risk of the growing market of leveraged loans

    Leveraged loans are granted to entities with considerable amounts of debt, that is, according to the European Central Bank (ECB), those with a debt-to-income ratio before interest and tax of more than four.

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    September 23, 2019

    Fed fans

    Being a fan of the US central bank may not be strictly necessary, but closely following its monetary policy certainly is.
    • Geography Tags
    • USA

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    September 18, 2019

    FOMC Meeting: September 17th-18th

    As we expected, the Fed lowered its benchmark interest rate by 25bp to 1.75-2.0%.
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    • USA

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    September 12, 2019

    The ECB delivers a strong easing package

    The central bank came in line with what we were expecting announcing a strong package of further accommodative measures. It enhanced the forward guidance on rates, cut the depo rate by 10bps, announced a two-tier system for bank reserves and a new open-ended asset purchase program (APP) and sweetened TLTRO-III conditions.

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    July 29, 2019

    A major step for the ECB

    Last Thursday, the ECB maintained interest rates, but has prepared the ground for changes in September in response to the fact that inflation and its expectations have been below target for a long time.

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    July 25, 2019

    ECB: Determination to act after holidays

    The ECB kept rates unchanged but reintroduced the easing bias on rates, requested studies on further measures and, importantly, started talking about a symmetric inflation aim.

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    June 6, 2019

    ECB: More dovishness in several fronts

    The ECB strengthened its forward guidance on rates, with no rate hikes at least through the first half of 2020 in response to the increase and persistence of global uncertainty. The ECB opens the possibility to further easing if needed.

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    March 7, 2019

    Central Bank digital currencies: features, options, pros and cons

    The emergence of cryptocurrencies is opening the way to Central Bank Digital Currencies (CBDCs). This paper highlights the pros and cons of issuing CBDCs under four different variants: from the more modest proposals to the most ambitious ones where there could be a serious disruption in financial intermediation.

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