No new highs, no new lows, lots of chop and still no decisions on anything. New highs or not, trade deal or not, hard Brexit or not, the list goes on and on...
The bank will likely cut a low double-digit percentage of jobs at the rates business after CEO Sewing concluded that it’s possible to cut enough of the associated technology costs to outweigh the loss in revenue.
As JPMorgan admits, the ECB’s net QE purchases alone would have been insufficient to offset the impact of the BoJ’s ongoing QE tapering due to its effort to steepen its domestic curve. That's why the Fed had to step in...
"Monetary policy" was the main driver of risk appetite YTD, "first with the Fed dovish pivot at the beginning of the year and then with a second dovish wave in June from both the Fed and ECB."
"Being very unconventional, I think we have to be very careful of the possible negative effects of negative rates. I would be very, very careful in going further in this direction." - Italy Central Bank chief, Ignazio Visco
"Only four times has the average marginal cost of production been below the commodity index price: in 2001 it was -5% below, 2008 it was -7% below, 2015 it was -12% below, and now it’s -2%."
