CIO Daily Market Update with Will Bartleet
CIO and multi-asset portfolio manager at Pacific Asset Management
Central Banks continued to respond to the coronavirus with both the European Central Bank and the Bank of England announcing further monetary policy easing. Overnight, the ECB announced an EUR 750 billion Pandemic Purchase Program which pushed down the yields on European government debt, notably for Portugal, Italy, Greece and Spain. ECB President Christine Lagarde stated that there are “no limits to our commitment to the euro.”
The Bank of England made a second emergency cut to interest rates in two weeks, reducing interest rates by 0.15% to 0.1% and restarted their government and corporate bond buying program with an additional £200 billion of purchases.
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