POWER: End of Day Power Summary: CWE Remains in Red
CWE front-month power futures trade lower on Wednesday amid losses in the energy complex on demand f...
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ECB: Weekly ECB Speak Wrap (Mar 6 – Mar 10)
In the following publication, we provide a summary of post-March meeting ECB-speak: 250310 - Weekly ECB Speak Wrap.pdf
Post-March decision ECB-speak has seen Governing Council policymakers emphasise the bank’s genuinely data-dependent stance ahead of the April 17 decision, in light of “phenomenal” uncertainty and policy that is now “meaningfully less restrictive” than previously. This essentially places heightened focus on three sets of releases: (1) The March flash PMIs on March 24, (2) the March flash inflation print on April 1 and (3) the Q1 Bank Lending Survey on April 15. Other data will of course also feed into the equation, alongside developments around US trade and German/EU fiscal policies. The usual post-decision sources pieces from Bloomberg and Reuters suggest an April cut is in the balance, with unsurprising differences in opinion between GC hawks and doves.
- Characteristically hawkish-leaning rhetoric came from Schnabel and Nagel, though of more note was Villeroy’s comments on the ECB not being on auto pilot. Villeroy has been an influential centrist-turned-dove in recent months, and signs of a more cautious stance from him is likely a good representation of the GC median. Ahead of the March decision, Villeroy had seemingly favoured a run to 2% by Summer. This would be consistent with 25bp cuts at two of the April, June and July meetings.
- The 2025 ECB and Its Watchers conference on Wednesday will see "central bankers, financial market participants and academics discuss current issues of monetary policy and financial stability". Headlining the agenda are speeches from ECB President Lagarde (0845GMT) and Chief Economist Lane (1515CET), which will provide a platform to delve into more detail around the policy statement tweaks.
FED: US TSY 26W BILL AUCTION: HIGH 4.075%(ALLOT 97.80%)
- US TSY 26W BILL AUCTION: HIGH 4.075%(ALLOT 97.80%)
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FED: US TSY 13W BILL AUCTION: HIGH 4.200%(ALLOT 38.92%)
- US TSY 13W BILL AUCTION: HIGH 4.200%(ALLOT 38.92%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 38.49% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.69% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 55.82% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.82
