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Balanced ECB package. The hike is offset by the notion that rates - if maintained for long- have reached a level consistent with “making a substantial contribution to the timely return of inflation to target”. Still some wiggle room, but hard not to conclude the ECB is “done”

ECB sounds more concerned about real growth and increasingly confident they have put inflation on the right track. They don’t want to rock the boat, and saying the 2 main ideas to speed up the decrease of the balance sheet were not even discussed is another sign of that.

Choc et tristesse d’apprendre la disparition brutale de Philippe Martin. Un macro-économiste brillant, dont l’élégance de la pensée reflétait l’élégance de l’homme.

Still a few things to get “enough confidence” on inflation properly landing in the US …

In this podcast Tim Gwynn Jones asks highly pointed questions about the events I described in my new book. Worth the time of all #BankingUnion nerds out there!

With the right link: axa-im.co.uk/investment-ins…