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Central Banks latest publications

September 16, 2019

Mario Draghi: Monetary Policy Is Not Sufficient

At its meeting last Thursday, the European Central Bank (ECB) launched a comprehensive package of easing measures, as Draghi had—for all intents and purposes—been signaling over recent months (in his speech at Sintra and, most significantly, at July's monetary policy meeting).

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.

September 9, 2019

Another August of financial turbulence

Despite the apparent calm of recent days, the underlying elements of recent tensions in financial markets continue to cause concern for several reasons.

September 2, 2019

Jackson Hole Economic Policy Symposium: At The Cliff Edge

In the shadow of the spectacular Teton Mountains in Jackson Hole, Wyoming, the Federal Reserve Bank of Kansas City held its forty-third Economic Policy Symposium from August 22 to 24. This year, a decade on from the Great Recession, the discussion focused on "Challenges for Monetary Policy."

September 2, 2019

Is there room for expansionary fiscal policies?

Last week, the annual economic policy symposium was held in Jackson Hole. This year's theme was the challenges for monetary policy. Although fiscal policy was not the subject of debate, it cast a shadow over the event.

August 30, 2019

U.S. Recession Risk Monitor. August 2019

Models suggest 70% probability of recession within 24 months. Increased weakness in global growth. Policy uncertainty whipsawing with trade tensions. At times, key financial markets showing signs of panic-like conditions.

August 26, 2019

Europe prepares for an uncertain fall

Economic data and news this summer in Europe are disappointing; especially for the signs of vulnerability of the more open economies following the slight fall in production in Germany and the fading expectations that the main risks would diminish in the second half of the year.

August 15, 2019

Banxico cuts rates but the (cautious) tone of the statement is largely unchanged

In spite of relatively hawkish wording, more rate cuts are on the way.