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Government bond yields rallied and yield curves steepened across the Eurozone on Thursday following a less hawkish than anticipated tone from the ECB. As expected, the central bank kept policy rates unchanged and reiterated that it is still premature to…
Chinese policymakers have ramped up their efforts to support the economy and financial markets over the past few days. On Wednesday, the People’s Bank of China (PBoC) announced that on February 5 it will cut the reserve requirement ratio by 0.5 percentage…
The Bank of Canada (BoC) kept rates steady at yesterday’s monetary policy meeting, leaving its policy rate at 5%. The central bank presented updated economic projections in a new Monetary Policy Report (MPR), which were little changed from the last MPR in…
According to BCA Research’s China Investment Strategy service, the current Pledged Supplementary Lending (PSL) program will provide much less support to the housing market and construction activity than the 2015-2018 program. China’s central bank…
Results of the ECB’s quarterly Bank Lending Survey suggest that the tight monetary policy stance is still weighing on the Eurozone economy. Banks tightened credit standards for businesses and consumers further in Q4 2023, contributing to the substantial…
As expected, the Bank of Japan maintained its ultra-easy monetary policy stance at its meeting on Tuesday, making no changes in interest rates or yield curve control. The monetary policy statement highlighted that elevated uncertainty around the economic…
Ahead of today’s Bank of Canada (BoC) meeting and the Reserve Bank of Australia (RBA) meeting on February 6th, our Global Fixed Income Strategists compared the monetary policy outlooks for both central banks. In Canada, core inflation has already fallen…
In this Strategy Insight, we assess the monetary policy path for Australia and Canada in 2024 and we discuss how to profit from a growing divergence between the two economies.
The US Conference Board’s Leading Economic Indicator (LEI) sent a mixed signal on Monday. On the one hand, the LEI posted its 22nd consecutive month-over-month decline in December – a negative sign for the economic outlook. On the other hand, the…
BCA Research’s European Investment Strategy service concludes that investors should go long German curve steepeners. Last week at Davos, European Central Bank (ECB) President Christine Lagarde leaned heavily against the rate cuts priced in the €STR curve.…