MBS RECAP: Dovish Draghi Deftly Delivers Downbeat Message

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Posted To: MBS Commentary

European Central Bank (ECB) president Mario Draghi is getting very good at telling the world that the EU economy is in dire straits, but not to worry and that everything should be fine about 6 months from now. He's been saying that for roughly 5 years and while the internet laments the inconsistency, markets continue to respond. In today's installment, Draghi mentioned that other central bankers are warming up to the idea of the European economy cooling down, and that inflation should continue to fall through September 2019. There were other downbeat components to the speech and press conference, but despite all that, there was still the conclusion that the economic expansion would continue. Markets focused more on the downbeat stuff--especially European bond markets, which spilled...(read more)

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