2018_10_28 — “Europe”

Europe

In Europe, quantitative easing (QE) will end later this year, interest rates are expected to stay on hold through at least the summer of 2019, and the European Central Bank (ECB) still believes (hopes) it is on course to normalize monetary policy. In his recent press conference Draghi attempted to distinguish the negative uncertainty around near-term economic and political developments, from more reassuring regional fundamentals. For example, euro area Q3 GDP numbers will probably disappoint (partly because of lower German auto sector production), which could lead the ECB to reduce quarterly growth projections at their December meeting. However, strong employment and wage growth underpin the ECB’s confidence that inflation will eventually return to target.

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Michael Ashley Schulman

Michael Ashley Schulman

123 Followers

Avid traveler and art fan, also Partner & Chief Investment Officer @Running Point Capital, a multifamily office and ultra high-net-worth money-management firm