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It seems we were conservative in our estimates, while European Central Bank wasn't in their actions.
Actions from ECB
- Main refinance rates were cut by 0.05% to zero, so it's basically free money for banks and institutions.
- Marginal lending rate reduced by 5 basis points to 0.25%.
- Deposit rates reduced by 10 basis points to -0.4%.
- Purchase program size increased by €20 billion/month to €80 billion per month.
- Investment grade nonbank corporate bonds added to PSPP program.
- Launched four new LTROs.
Market is reacting as expected.
Bond yields are down across Europe. German DAX is up 2.6%, European blue chip index, EuroStxx50 is up 3.5%.
Euro is down -1.3% against Dollar, trading at 1.084.
