Search Results for QE


Is The Fed’s QE Program Anti-Inflationary?

Benjamin Cole via Historinhas | Stanford luminary and economist John Cochrane is touting the fiscal theory of the price level (FTPL), in which the anticipated future of federal budget primary (operating) deficits is the key tell in present-day inflation. If the national budget looks re-inky, then inflation will result.

ECB panoramic

QE the main dish

BofA Merrill Lynch Global Research | Ahead of today’s ECB meeting, we think the focus will need to be on QE, which we expect to be extended until September 2017 and accelerated by € 10bn/month. We also expect the ECB to make QE more credible

China interest rate reform

Pondering China, the People’s Bank of China And QE

Benjamin Cole via Historinhas | Westerners love to hazard guesses on China and that is what they are, guesses. Even a Mandarin speaker in Hong Kong (with whom I recently conversed), with family on the mainland and employed at a large private-equity fund, professes no special insights into opaque China. But China’s central bank, The People’s Bank of China, appears to have eschewed the advice of Western central bankers, and gunned the money presses this summer. Moreover, the PBoC tactic looks to be working.


Draghi Disappoints Markets With His “Mini” QE2

Expectations for Draghi’s second QE programme were running so high that, in the end, he disappointed the markets. Investors had bet on more aggressive stimuli, so the European stock exchanges tumbled over 3% at the close (having been in positive territory mid-morning). The euro jumped to over 1,09 dollars (its biggest rise since March) and European debt registered its largest increase so far this year.

Mario Draghi

ECB seeks “full QE implementation”

MADRID | June 3, 2015 | So far, monetary policy stimulus is working as planned, ECB’s president Mario Draghi insisted on Wednesday, and the bond buying program needs to reach full implementation until September 2016. The central lender rules out any earlier taper and will keep rates on hold.

10y govt bond yield compression

BNP sees risks in QE implementation

The Corner | April 30, 2015 | For BNP Paribas analysts Mario Draghi will find it increasingly difficult over the next few months to execute its planned EUR45bn monthly purchases of sovereign bonds.

Bank of Spain

ECB’s QE programme allows Spain to enter negative yield club

MADRID | April 9, 2015 | By Francisco LópezThe flurry of good news on the Spanish economy in an election year should be treated with caution. This week the Spanish Treasury placed Treasury letters at negative yields for the first time ever. However it should also be noted that half a dozen European countries have reached this level already and that the driving force behind the historical lows is undoubtedly the ECB’s QE programme