Report
Towards less accommodative central banks
Editorial While major central banks such as the BoE and the Fed will remain accommodative in absolute terms, they have taken another step towards the tightening of their monetary conditions. The Fed has indicated that it will start tapering soon with its balance sheet growth expected to end next summer. Also, the Dots were revised significantly upwards, thereby creating a slightly larger gap between Fed members’ expectations and those of the markets. As for the BoE, QE will end at the end of the year and the central bank’s board now envisages a modest tightening, thereby advancing expectations of a first hike next March. In this context, the ECB, which will potentially increase its APP at the end of the year, seems to be on its own, which will certainly not be unpleasant for European risky assets, which will benefit from the Bank’s quasi-inflexibility.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Cyril Regnat
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