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Panetta: Asymmetric risks, asymmetric reaction: monetary policy in the pandemic
It is a pleasure to speak to the Money Market Contact Group today. Money markets and central banks have an important relationship which, when it is working well, makes monetary policy more effective. Money market prices reflect expectations of our policy and the understanding of our reaction function. They are the first stage in the transmission of our policies to financing conditions for the real economy. So I am pleased to talk to you today about how I see current issues related to monetary policy – and to hear your views in return. In pursuing our price stability mandate, our policy response to the crisis had ... (full story)
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ECB'S PANETTA: MACROECONOMIC POLICIES – ABOVE ALL MONETARY AND FISCAL POLICIES – MUST REMAIN COMPLEMENTARY.
— Breaking Market News (@financialjuice) September 22, 2020
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ECB'S PANETTA: WE ARE FACED WITH SUCH A SIZEABLE DOWNWARD SKEW, THAT THERE IS A STRONG CASE FOR OUR REACTION FUNCTION TO BE ASYMMETRIC.
— Breaking Market News (@financialjuice) September 22, 2020
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ECB'S PANETTA: BUT THE MACROECONOMIC SITUATION REMAINS FRAGILE AND UNCERTAIN AND THE PROJECTED INFLATION PATH IS STILL CLEARLY SHORT OF OUR AIM.
— Breaking Market News (@financialjuice) September 22, 2020
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ECB'S PANETTA: THE RESULTS OF THE ECB STIMULUS IS NOT SATISFACTORY YET.
— Breaking Market News (@financialjuice) September 22, 2020