Will The ECB do QE ?
The US Federal Housing Finance Agency (FHFA) said that Fannie Mae and
Freddie Mac won’t forgive principal on delinquent mortgages they guarantee,
citing the benefit as too small and uncertain relative to unknown
costs and risks.
German Finance Minister Wolfgang Schaeuble said that there is no need to
give the ESM a banking license, and no secret talks on it.
Chinese Communist Party’s Politburo held mid-year meeting on economic
issues and said that maintaining stable growth is a top priority.
China will pursue
“prudent monetary policy” and “proactive” fiscal policy, while strictly
implementing property controls and preventing home prices from rebounding.
China’s official PMI dropped to 50.1 in July from 50.2 in June,
weaker-thanmarket
expectation of 50.5.
ToDay: We expect that the ECB-announced bazooka, in the form of signaling
the Securities Markets Programme (SMP), will be reopened. We expect the
clarification that ECB seniority is decided on a case-by-case basis could make
SMP purchases more effective.
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