Mr Cœuré reviewed the financial market developments since the Governing Council’s previous monetary policy meeting on 5-6 June 2019. Sovereign bond yields had temporarily fallen to multi-year lows in the United States, the United Kingdom and Japan, and to new record lows in large parts of the euro area. Econometric evidence suggested that expectations of further global monetary policy easing had been the main driver behind the fall in euro area ten-year overnight index swap (OIS) rates since the start of 2019. Developments in the EONIA forward curve indicated that a 10 basis point cut in the ECB deposit facility rate w ... (full story)