ECB Press Release September 10, 2020 - What Has Changed?

No Change The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%...


FOMC, July 29, 2020, Press Release - What Has Changed?

Summary Economic activity and employment have picked up somewhat but remain well below their levels at the beginning of the year. (Change) Weaker demand and significantly lower oil prices are...


ECB Press Release July 16, 2020 - What Has Changed?

Summary The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%...


Quarterly Market Commentary - 2020 Q2

The Un-Normal Many refer to the current conditions as the “new” normal.  I think of this as the “un”-normal. There is nothing normal about what is transpiring.  We have a novel...


FOMC, June 10, 2020, Press Release - What Has Changed?

Summary The coronavirus outbreak is causing tremendous human and economic hardship (No Change) The virus and the measures taken to protect public health have induced sharp declines in economic...


ECB Press Release June 4, 2020 - What Has Changed?

The pandemic emergency purchase programme (PEPP) will be increased by €600 billion, to a total of €1,350 billion. (new) The PEPP expansion will further ease the general monetary policy stance,...


ECB Press Conference April 30, 2020 - What Has Changed?

COVID-19 changed everything and ECB, under Madame Legarde, is using the same “whatever it takes” policy to stabilize the European financial markets and to make sure the financial system functions...


FOMC, April 29, 2020, Press Release - What Has Changed?

Summary Staying the course of using its full range of tools to support the U.S. economy (no change) The disruptions to economic activity here and abroad have significantly affected financial...


Quarterly Market Commentary - 2020 Q1

The cacophony of impact, fallout, responses, and scale of the COVID-19 coronavirus on a human level and on the economy is shocking.  The speed of change, on a sometimes hourly basis, is impossible to...


Federal Reserve Press Release – FOMC Statement

Summary taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. continue...