The ECB and the Fed drew 1-1 this week

Review The ECB: Interest-rate cut. ‘Guidance’ was given. Market is unchanged. An interest-rate cut of 25 bp and ‘guidance’ of unlimited liquidity (up to 3 months) until July 2014 did not suffice to affect investors noticeably. Our assessment: The ECB is back on the ‘relaxation track’, which is – basically – the most important signal from yesterday’s interest-rate meeting. We did not see any unorthodox initiatives to speak of (despite our expectation), but the outcome of yesterday’s meeting is

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The ECB and the Fed drew 1-1 this week

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