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8 Apr, 11 tweets, 2 min read
🇪🇺 ECB says in March 11 meeting account it was important to provide reassurance that the governing council would maintain an accommodative monetary policy for as long as necessary and saw no risk of overheating
🔹The view was held that the increase observed in sovereign yields had remained contained and to some extent decoupled from developments in the united states.

🔹It was also noted that these increases had taken place from very low levels
🔹ECB says it was underlined that the flexibility embodied in the PEPP was symmetric

🔹Special attention needed to be paid to sovereign yields and risk-free interest rates
🔹 It was remarked that a rise in risk-free interest rates and gdp-weighted sovereign yields needed to be pronounced and persistent in order to exert a material impact
🔹Says all members joined a broad consensus around the proposal put forward by Mr Lane, on the understanding that the total PEPP envelope was not being called into question in the current conditions and that the pace of purchases could be reduced
🔹Members concurred with Mr Lane that ample monetary stimulus remained necessary

🔹ECB says view was put forward that the tightening might not be sizeable and persistent enough to affect broader financing conditions materially
🔹Says it was remarked that the governing council needed to avoid giving the impression of being overly focused on sovereign yields or reacting mechanically

🔹It was argued that higher real rates were not necessarily a cause for concern
🔹There was broad consensus among members that the recent rises in risk-free rates and GDP-weighted sovereign yields required a scaling-up of the pace of purchases under the PEPP
🔹Says remark was made that assessing developments in real interest rates was subject to uncertainty as regards the measurement of the relevant inflation expectations
🔹Says as regards the external environment, there was an upgrade of the outlook

🔹Says the recovery was expected to vary across the different GDP components and to rely quite heavily on fiscal support over the next two years
🇪🇺 Full Text: ecb.europa.eu/press/accounts…

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More from @PriapusIQ

8 Apr
🇺🇸 Recap of Powell's comments today:

🔹We want to see a string of job reports like the March jobs report to see progress; there are still 8.5mln out of work

🔹Substantial further progress means actual progress, wants to see actual improvement before tapering
🔹Global vaccination is a risk to progress we are making, there is a risk in the US as well with cases moving back up

🔹We are not going back to the same economy

🔹It will be appropriate to continue to support those who have a hard time getting back into the work force
🔹Reiterates we need to keep supporting the economy, and we will

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8 Apr
🇹🇷 Goldmans | on Turkish Reserves

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8 Apr
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🇬🇧 UK Stocks Watch 🇬🇧

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7 Apr
🇺🇸 FOMC Meeting Minutes:

🔹Over the long term, the Committee aims for full jobs and growth above 2%.

🔹We believe it would be a considerable time before any substantial progress is made.
🔹The Committee would strive over inflation to stay marginally above 2% for a period of time, ensuring that inflation averages 2% over time and longer-term inflation perceptions remain well rooted at 2%.
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