Inflation expectations on a five-year forward basis have recovered more in the euro zone than in the US. And yet the ECB didn't get the memo: more QE, not less.
ECB and Euro Area Economy Monitor
ECB and Euro Area Economy Monitor
Thursday, October 28, 2021
The ECB doesn't change its posture -- and who would have really expected otherwise. But a memo went out to the media: every headline about the no-change decision includes the phrase "despite soaring inflation." Thank goodness journalists aren't central bankers.
ECB and Euro Area Economy Monitor
Friday, September 10, 2021
Despite Delta scares and being late to the vaccine party, Europe's growth is still behind that of the US but it continuing uninterrupted.
ECB and Euro Area Economy Monitor
Thursday, July 22, 2021
Like the Fed, the ECB is waiting for "progress."
ECB and Euro Area Economy Monitor
Thursday, June 10, 2021
Forward inflation expectations in the euro area have completely recovered from their pandemic lows, but they're still well below when Draghi first declared "whatever it takes."
ECB and Euro Area Economy Monitor
Thursday, April 22, 2021
The ECB continues to throw liquidity at the euro zone banking system. Now if only they could get some people vaccinated.
ECB and Euro Area Economy Monitor
Thursday, March 11, 2021
The most striking chart is year-on-year bond total returns. A year from the bottom in yields, the total returns look pretty awful for high-quality buyers.
ECB and Euro Area Economy Monitor
Thursday, January 21, 2021
Europe continues to struggle upward out of the Covid depression of 2020 -- not quite as robustly as the US. Harsher continuing lockdowns will do that!
ECB and Euro Area Economy Monitor
Thursday, December 10, 2020
Unlike the US, the euro area remains beset by price deflation.
ECB and Euro Area Economy Monitor
Thursday, October 29, 2020
Germany's and France's new restrictions don't help, but Lagarde is promising her version of "whatever it takes" to keep the V-shaped recovery on life-support.