Report
ECB: restrictive bias maintained
Policy rates are hardly a reliable instrument for fine tuning the economic “temperature”. On paper, higher policy rates imply lower inflation, but in practice the cause and effect relationship is complex and fluctuating. Meanwhile, there is a risk of shocks in the real economy (real estate) or in the financial sector. The collapse of the Silicon Valley Bank (SVB) in California is a timely reminder of this. We doubt that this will keep the ECB’s Governing Council from hiking inter...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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