Unsurprising decision by the ECB

  • Macro-economy

The ECB has done pretty much what was expected of it, judging by the small drop in bond yields and the stability of the euro that followed its announcements (EUR/USD @ 1.1830). It will start to reduce the additional purchases of securities decided in March, after having revised its growth and inflation forecasts upwards, but remains very cautious and convinced that the inflationary surge will remain temporary (see our News published yesterday).

The decline in US jobless claims is accelerating, which seems to confirm that the slowdown in job creation seen in August will not last. UK GDP was almost flat in July (+0.1%) due to quarantines imposed by the recovery of the epidemic. French industrial production rose again in July, but remains 5% below its pre-crisis levels (-27% in the automotive sector).

On the menu today, a few speeches by central bankers from the Fed and the ECB and the US producer price figures, still expected to rise in August

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