The ECB has gone All in, The ECB came out with all dovish guns blazing today to reverse the tightening in money and financial market conditions since June,...

The ECB has gone All in, The ECB came out with all dovish guns blazing today to reverse the tightening in money and financial market conditions since June, stoking a rally in euribor futures (lower rates) but causing the EUR to drop nearly 1% vs the USD. The only thing that was missing today was a cut in the refi rate and/or negative deposit rate, but neither has not been ruled out given that downside growth risks continue to exist. Casting better macro data side, the ECB officially introduced 'forward guidance' on rates and said exit is very distant


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James McKay
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