ECB: Makhlouf Alludes To Structural Eurozone Growth Concerns Again
Oct-24 15:49
Irish Central Bank Governor Makhlouf highlights that monetary policy is not always an effective tool to solve economic issues: "Monetary policy is very powerful. It can do a lot, but it can’t do everything".
- It's not the first time he has alluded to structural Eurozone growth concerns. When speaking about the ECB's October cut last week, he said "I certainly don't think we should have gone faster. My own sense is that there certainly have been some surprises, but I think the nature of what we're seeing, in my view, is more structural problems"
Makhlouf also appears to push back a little on the case for 50bp rate cuts, barring significant data surprises: "The data has to be very powerful for me to feel that I need a leap”.
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US TSYS: US TSY 42D AUCTION: HIGH RATE 4.620%; 39.80% AT HIGH
Sep-24 15:32
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EGB FUNDING UPDATE: Portugal Q4 Funding Plan: 2024 Issuance Target Revised Lower
Sep-24 15:17
- Portugal has revised its PGB/OT and MTN issuance target to E15.0bln, E1.0bln less than estimated in Q3.
- At the end of August 2024, a total of E14.5bln had been raised from OT issuance - 97% of the annual issuance target.
- This leaves just E0.5bln needing to be raised for the rest of this year.
- During Q4, IGCP intends to hold one PGB auction, with an expected issuance amount of between E0.75-1.0bln.
- 2024 net bill issuance is projected to be E4.8bln, from a Q3 estimate of E3.4bln. IGCP intends to hold two BT auctions in October and November:
- E0.75-1.0bln of the 11-month Sep 19, 2025 BT on October 16, 2024.
- E0.75-1.0bln of the new 12-month Nov 21, 2025 BT on November 20, 2024.
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