Views and Ideas

As anticipated, the ECB confirmed its dovish stance

11 April 2019

The ECB held its press conference yesterday. As anticipated, no significant change was announced:

Risks remain on the downside but the probability of a recession remains low.

  • Inflation expectations are sliding with economic activity but are not becoming de-anchored.
  • The ECB will consider if negative rates require mitigating. This is maybe the only “surprise” during this press conference during which Draghi mentioned the possibility of tiered rates. 

Overall, the ECB confirmed its dovish stance.

Disclaimer
This commentary is intended for professional investors within the meaning of MiFID II. It is provided for informational and educational purposes only and is not intended to serve as a forecast, research product or investment advice and should not be construed as such. It may not constitute investment advice or an offer, invitation or recommendation to invest in particular investments or to adopt any investment strategy. Past performance is not indicative of future performance. The opinions expressed by La Française Group are based on current market conditions and are subject to change without notice. These opinions may differ from those of other investment professionals. Published by La Française AM Finance Services, head office located at 128 boulevard Raspail, 75006 Paris, France, a company regulated by the Autorité de Contrôle Prudentiel as an investment services provider, no. 18673 X, a subsidiary of La Française. La Française Asset Management was approved by the AMF under no. GP97076 on 1 July 1997.

 

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