The U.K. has created 4.2 million new jobs over the past decade, nudging the employment-to-population ratio to the highest level in almost 50 years. Positively, full-time job creation has outpaced part-time and female…
PM Johnson had already mostly lost control of the Brexit process once Parliament decided to take the matter in its own hands. His gambit to prorogue Parliament in order to regain controlled has now backfired as the Supreme…
Germany’s most important energy source is still oil which accounts for over a third of its primary energy use. Moreover, 98 percent of Germany’s consumption of oil depends on imports. Most of Germany’s oil…
Highlights The U.K. economy has been holding up fairly well, despite the overhang of political uncertainty. However, even before the actual withdrawal of the U.K. from the E.U. has occurred, Brexit has left a lasting mark on the U.K.…
The cut in the ECB’s deposit facility rate from -0.4% to -0.5% was in line with market consensus, as was the resumption of quantitative easing. Investors did not foresee that the ECB would embark on open-ended bond…
Dear Client, BCA’s New York conference takes place next week on September 26-27, and I look forward to meeting some of you there. Because of the conference, our next report will come out on October 3. Dhaval Joshi Highlights…
Short-term interest rates were cut, but only through a modest -10bp reduction in the overnight deposit rate. The Asset Purchase Program (APP) was restarted, but only at a pace of €20bn per month. These new initiatives fell…
Looking ahead, the ECB will run into some difficulties on running a “QE Forever” program given the current self-imposed constraints on the APP. The ECB cannot own more than 33% of the outstanding pubic debt of any…
Highlights Fed: The Fed will cut rates by 25bps this week, accompanied by a balanced message on future moves given firm domestic U.S. growth amid global uncertainties. This could trigger additional near-term increases in Treasury…