from MacroScope:

Fear could lead Fed into a much more fearsome trap

September 18, 2015

Delaying its first rate hike in nearly a decade after taking a pass in June and July means the U.S. central bank may have stepped further away from an escape from zero rates and $3.7 trillion of asset purchases bloating its balance sheet.

from MacroScope:

Euro zone bank lending to businesses still in the doldrums

June 26, 2015

About a year ago, the European Central Bank singled out a recovery in bank loans to private businesses as crucial to a lasting economic recovery – and even more crucially for the ECB, a rise in inflation which it targets at 2 percent.

from Breakingviews:

Putin, Piketty and Draghi hit Davos in spirit only

January 23, 2015

By Jeffrey Goldfarb 

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

from MacroScope:

Crunch time

By Mike Peacock
January 22, 2015

ECB President Draghi addresses during ECB news conference in Frankfurt

The biggest policy decision of the year? The first U.S. interest rate rise may trump it whenever it comes and the Swiss National Bank has set the bar pretty high but an awful lot hangs on what the European Central Bank comes up with today.

from The Great Debate:

Quantitative easing in euro zone requires shared risk

By Daniel Gros and Christian Kopf
January 20, 2015

The famous euro sign landmark is photographed next to an emergency phone box outside the former headquarters of the European Central Bank (ECB) in Frankfurt

A euro sign is photographed next to an emergency phone box outside the former headquarters of the European Central Bank (ECB) in Frankfurt, Germany. REUTERS/Kai Pfaffenbach

from MacroScope:

Ripples from ECB even before it acts

By Mike Peacock
January 20, 2015


The prospect of dramatic European Central Bank action – coupled with the deflationary threat posed by a plunge in the price of oil and the pain it inflicts on oil producing countries – is putting the financial system under growing stress.

from MacroScope:

Greece: A game of chicken

By Mike Peacock
January 19, 2015

Alexis Tsipras, opposition leader and head of radical leftist Syriza party, looks on as he speaks during a party congress in Athens

With six days until elections, the polls have been remarkably steady in Greece, giving anti-bailout Syriza a narrow but consistent lead that suggests this time next week it will be the largest party in parliament with a mandate to form a coalition government.

from MacroScope:

Volatility back with a bang

By Mike Peacock
January 16, 2015

The logo of the SNB is seen at the entrance of the SNB in Bern

Volatility is back with a bang.

The Swiss franc leapt by an unprecedented 40 percent at one point after the Swiss National Bank scrapped its currency cap out of the blue. Oil may have bounced but it’s still down the thick end of 60 percent since mid-2014, dragging the rouble and other oil-producer currencies with it. Copper, generally a barometer of world industrial demand, is barely finding its feet after plunging this week.

from Breakingviews:

European court opinion gives QE a helping hand

January 14, 2015

By Neil Unmack and Olaf Storbeck

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

from MacroScope:

ECB numbers game

By Mike Peacock
December 11, 2014


European Central Bank President Mario Draghi pushed the envelope as far as he could last week, saying a review early next year would decide whether money-printing to buy government bonds was needed. He said he didn’t need unanimity within the ECB to force it through.