ECB: Lagarde Finishes By Calling Attention to Specific Segment of Statement
- Lagarde wants to add:
- I wanted to mention something that nobody asked me about. I want to call your attention to one particular segment of our monetary policy statement that you will see which we have debated and which actually is a clear message from us, the central bank, to the other European institutions.
And this is the paragraph which sometimes is considered as sort of business as usual, or, of course, they do refer to this. This time around, we do specifically mention, with a special timetable associated with it and the swift implementation that we expect, of there are three categories of structural efforts on the part of Europe:- The competitiveness compass, which is derivative of the Draghi report.
- Investment and saving union, which I've repeatedly called the capital market union.
- The digital Euro.
- I think we've taken the view that this is a moment for Europe to not only be solid on its monetary policy, and not just for us to deliver on price stability, but for the Europeans altogether and the European institutions to actually focus on what opportunities they are, what changes need to take place, and at which accelerated pace this should happen. So that's a that's a strong message from us to colleagues, friends and other decision makers in Europe.
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US TSY OPTIONS: BLOCK: Large Jun'25 10Y Volatility Buying
- +15,000 TYM5 107.5/113.5 strangles, 35 vs. 110-18.5/0.05% at 0917:53ET
- Additionally, +9,000 TYM5 108/113 strangles, 45 vs. 110-19/0.05% on screen
UK: BOE MNI Instant Answer questions for March 2025 meet
The BOE policy decision is due March 20, with the answers to below questions published at midday:
1. Was the Bank Rate changed, and if so by how much?
2. Number of members voting for cut of 50bp or greater?
3. Number of members voting for 25bp cut?
4. Number of members voting for unchanged rate?
NB: On questions 2-4 we will name the dissenters (and the magnitude of dissent)
5. Did the MPC drop reference to a “gradual approach” to removing “policy restraint being appropriate” from their Statement?
6. In the guidance, alongside a “gradual” approach to removing policy restraint, did the MPC use “careful”?
7. Did the MPC again say Bank Rate is likely to “remain restrictive for sufficiently long”?
8. Did the MPC again say it will “decide the appropriate degree of monetary policy restrictiveness at each meeting”?
9. Did the MPC leave its guidance paragraph materially unchanged versus the February policy statement?
EQUITIES: US Cash Opening calls
US Cash opening calls, set for a steady open, SPX should be close to Yesterday's mid range, as the Emini also trades at Yesterday's mid pre Cash open.
- Calls: SPX: 5,659.3 (-0.3%); DJIA: 41,799 (-0.1%/-43pts); NDX: 19,708.3 (-0.5%).
