ECB Keeps ‘Significantly Higher’ Language As Hawks Routed
The ECB reiterated Thursday that asset purchases under its emergency pandemic program (PEPP) will continue at a "significantly higher" pace, as the bloc's fragile recovery unfolds. In March, when global bond yields surged and market participants whispered about a "vigilante" revolt, the ECB set about tamping down speculation that the pace of PEPP purchases didn't communicate enough urgency to quell the burgeoning tantrum. Purchases under PEPP would "be conducted at a significantly higher pace"
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The EU’s USD 900 BN stimulus package is still to come – capital raise about to start, then about 1/8th of funds disbursed in coming quarter, with rest in subsequent quarters.
Comparing EU to US stock market – EU has slower vaccination, slower economic recovery, less inflation angst, central bank firm beat-down of hawks, big infrastructure stimulus about to start, lower valuation, more cyclical index, more stable policy in near-term, and so on.