European Central Bank President Mario Draghi said he’s ready to deploy another long-term refinancing operation to provide funds to Europe’s banking system if needed.
“We are ready to use any instrument, including another LTRO if needed, to maintain the short term money markets at the level that is warranted by our assessment of inflation in the medium term,” Draghi said in response to questions from lawmakers in the European Parliament in Brussels today.
Euro-area money-market rates rose to a level that Draghi described as “unwarranted” in July after the U.S. Federal Reserve signaled that it would begin to ease stimulus and signs emerged of a recovery in the 17-nation region. While those rates have since declined, excess liquidity in the financial system is approaching the 200 billion-euro ($270 billion) level the ECB has previously signaled as a lower limit.
Today we have not only occurrence Mr. Draghi, we also speeches by members of the Fed. Structure of the Federal Reserve System
Lockhart: "Fed should focus on accelerating the pace of economic growth"
Dudley (NY Fed): "the economy still needs a very loose policy", "obtain unemployment rate of 6.5% may take some time"
Fisher said something interesting. Criticizing the process of selecting a new Fed chief also said that Yellen would be a great president. The second thing is interesting. Fisher said that the decision not to reduce QE for the FOMC was not obvious, and the decision to reduce not missing much ...
If such a phrase we hear from the more centrist member of the FOMC set for a while playing the cut in October will begin in earnest.
Lockhart: "Fed should focus on accelerating the pace of economic growth"
Dudley (NY Fed): "the economy still needs a very loose policy", "obtain unemployment rate of 6.5% may take some time"
Fisher said something interesting. Criticizing the process of selecting a new Fed chief also said that Yellen would be a great president. The second thing is interesting. Fisher said that the decision not to reduce QE for the FOMC was not obvious, and the decision to reduce not missing much ...
If such a phrase we hear from the more centrist member of the FOMC set for a while playing the cut in October will begin in earnest.
regards,
oscarjp
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