Markets didn’t like the lack of ECB action on the rate front, nor did they react well to Lagarde’s suggestion that the central bank is not really in the business of trying to narrow spreads. The main focus of today’s stimulus package was on providing liquidity for banks – to secure funding for small and medium sized companies, and additional QE, with a focus on private assets – i.e. corporate bonds.
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Andria Pichidi
Market Analyst
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