Posted To: MBS Commentary
This week, we’ll finally get to see how much of an impact remains to be had for the European Central Bank (ECB) announcement. The ECB conducts their announcements on a schedule, just like the Fed. So in one sense, this is just another ECB announcement. In another sense, however, this is the announcement that has been placed on a pedestal as the venue for the ECB to comment on the continuation of its bond-buying program. Market participants expected/feared some comment to that effect at the most recent meetings, but Draghi went out of his way to downplay such possibilities. The ECB increasingly changed its tune in recent weeks and is now on the record as saying Thursday’s meeting will address the continuation of the program (or lack thereof). Unofficially, we’re told that the ECB…(read more)