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ECB: The lack of any change failed to support markets – Westpac

The lack of any change in the ECB's key benchmark rates and clear downside risks to their economic projections failed to support markets, economists at Westpac Institutional Bank inform.

Key quotes 

“Markets were surprised by the lack of a cut in ECB’s key policy rates.”

“Lagarde stressed that the LTROs and new TLRTO III were part of a ‘comprehensive package’.”

“The ECB seems increasingly frustrated by the lack of a coordinated fiscal response from the EU.”

“Markets did not react well to the overall package, causing EUR, Bunds, Eurozone bonds spreads and European equities to perform poorly within the weak global backdrop.”

 

Norway: Norges Bank offers banks unlimited liquidity at the key rate – Nordea

Norges Bank announced last afternoon 3 months F-loans at an unlimited amount. Earlier, analysts at Nordea have called for immediate measures to calm d
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Russia Budget Fulfilment climbed from previous -2% to 1.7% in February

Russia Budget Fulfilment climbed from previous -2% to 1.7% in February
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