Bullish or Bearish ?
Account of the ECB Monetary Policy Meeting
Mr Cœuré reviewed the latest financial market developments. At its previous monetary policy meeting on 7-8 June the Governing Council had been facing a financial market landscape characterised by rising stock prices and falling bond yields. Since then there had been a correction in relative cross-asset valuations, which seemed to have converged in a benign manner, signalling increased confidence in the economic outlook across market segments. In euro area sovereign bond markets, quasi-risk-free government bond yields had increased measurably after the ECB Forum on Central Banking in Sintra on 26-28 June. This ... (full story)