Central banks are starting to move

There is a BoE meeting today. While some expect some changes in its QE policy, the consensus remains on stability. One after the other, Fed members are also starting to talk about a decrease in asset purchases. While that may mean that rate hikes may come sooner than expected, this also lowers the long-term inflation risk, which likely explain the fall in bond yields. But the equity market does not like that, as it needs a permanent positive news flow to justify extreme valuation. The EUR/USD keeps testing 1.20, but remains rather stable overall. Full economic agenda today.

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The European power spot prices were mixed yesterday, decreasing in France (-5.99€/MWh day-on-day) on expectations of weaker demand but sharply rising in Germany (+18.71€/MWh), Belgium…
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