5 Key Take-Aways from Today’s ECB Meeting

“Wings of a Dove”

1. Rates are not going any lower

Finally, finally, the ECB removed their reference to lower rates in the opening statement. The omission of two small words – “or lower” – from the second line of the press release is a change in the ECB’s forward guidance. Although this action had been much discussed and debated by the market, the Bloomberg consensus was surprisingly split – 48% were expecting the removal whilst 52% weren’t. We have seen some comments that this is an effective tightening of monetary policy, but we think that’s probably going too far. It’s really just acknowledging that the Euro-area growth picture has improved, and indeed ECB President Mario Draghi said just that in his opening remarks during the press conference – risks to growth are now “broadly balanced”.

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US Equities Outlook

Andrew Acheson is Leader of the US Growth Team.

In this video, Andrew discusses his outlook for US Equity markets, including his insights on: 1.) how the recent shift in monetary policy might impact the US Equity markets and 2.) how inflation is impacting US Equities.

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Global Equities Outlook

Marco Pirondini is Head of Equities, US.

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US Fixed Income Outlook

Ken Taubes is Chief Investment Officer, US.

In this video, Ken discusses his outlook for US Fixed Income markets including his thoughts on: 1.) bond investment and inflation, (2.) the role of Central Bank policy in the next 12 months and (3.) segments expected to outperform in a rising inflation environment.

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Q2 Outlook: Emerging Markets

 

 

 

 

 

 

Mauro Ratto, Head of Emerging Markets
Outlook May 2017

 

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