NAB – The Morning Call · ECB, calibrating not tapering

ECB, calibrating not tapering

Friday 10th September 2021

As NAB’s Gavin Friend vehemently predicted on yesterday’s Morning Call, the ECB has announced that they will cut back purchases under their Pandemic Emergency Programme. It reflects the optimism in Europe, which is not currently matched in the US, where equities are down on the realisation that the recovery is taking time, largely driven by supply constraints that could be with us for a lot longer.  There was positive news on jobs, with the weekly initial jobless claims at their lowest level since the pandemic began. US PPI, Canadian unemployment rate, UK monthly GDP and NZ credit card spending are the numbers to look for today.

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