June 6, 2019

European Central Bank Changes Its Tune

With global central banks pointing towards more dovish policy signals, the ECB’s Governing Council meeting in Vilnius was the event of the day. Traders are now betting on a cut in the next year, only months after a raise had been the consensus.  Traders are now focused on what the renewed TLTRO program will look like. “The conceivable range for the spread (for the negative rate) is between 0 bps and -40 bps,” said Natixis’s Dirk Schumacher. “A small spread would imply that the new TLTROs are predominantly meant to provide a backstop. A high spread would signal that the ECB sees a need to stimulate bank lending.”

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about the author:

Mike Shorr

Since 1994, Michael has been an on-the-floor market maker, Vice-President of Interest Rate Derivatives for Knight Financial Products and Director of Education and Options Instructor at Trading Advantage. He makes the oftentimes complex world of options and trading accessible to the novice and advanced trader alike. Michael has a Bachelor of Science degree in Statistics and Finance from the University of Illinois Champaign-Urbana. He presently is Director, Trader Education at ProsperTradingAcademy.

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