1️⃣ ECB: It takes time for the stimulus to take effect
On Thursday, European Central Bank (ECB) President Christine Lagarde said it may be a while before an increase in money printing speed becomes apparent.
Investors have been scrutinizing the ECB's weekly asset purchase data for evidence of ECB's efforts to prevent rising borrowing costs in the bond market, largely due to inflation expectations. US growth increased.
- The ECB agreed to a "substantial" increase in bond purchases last week to keep yields down, but Ms. Lagarde said it will be some time before the move appears in the weekly bond buying figures. this organization.
Market concerns are likely to become more pressing after the US Federal Reserve raised growth and inflation expectations on Wednesday while aiming not to raise interest rates until 2024.
2️⃣ Despite the Fed's speech, treasury bond yields soared.
The yield on 10-year US Treasury bonds soared to 1.75%, continuing to hit a new high for more than 13 months.
- The number of initial unemployment claims in the US last week was higher than the previous value and the expected value.
3️⃣ Notable facts and economic data today
- At 11:00 am, the Bank of Japan will announce the interest rate decision, and then Bank of Japan Governor Haruhiko Kuroda will hold a press conference. Yesterday, according to foreign media, the Central Bank of Japan will issue a recommendation to expand the range of government bond yields, cancel the target of buying a 6 trillion yen ETF, and increase the range. long-term interest rate action. Investors can be wary of the volatility of the Japanese yen and equities.
Today is the first "Four Days of Witchcraft" in 2021, that is, the US stock options, stock index futures, and stock index options will expire on at the same time today. This is usually when the market price fluctuates sharply. expand market volatility.
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