The ECB's new Transmission Protection Instrument (TPI) is still light on detail, but the objectives are clear.
Clear Objectives. Limited Detail.
The main focus of research in our fixed income feed was the ECB's new Transmission Protection Instrument (TPI). Most research was positive on this anti-fragmentation tool and it's clear objective - an unlimited bond buying backstop to facilitate the transmission of monetary policy across the EU. However, details on how it would work in practice with respect to peripheral countries, and particularly Italy, remain less clear.
Related to this theme was the ECB's decision to raise rates last week by 50 basis points. Almost all managers expected 25 basis points based on the forward guidance. As such, many managers are now questioning the credibility of forward guidance in an inflationary world.
Lots of questions remain.
Global Macro
Fifty Shades of Bailout
50 Questions on SVB, Signature Bank, Credit Suisse & more...

China Re-opens, Investors React
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Impact of Lula on Brazil's Stock Market and Bonds
Is Lula Unstoppable?

What Happens When Liquidity Dries Up?
Liquidity Presents A Dichotomy

Is Fed Guidance in Backwardisation or Contango?
From Behind To Off The Curve

Is Inflation Headed Higher or Are We At Peak?
Inflation Protection Is Trending

Why Is The ECB Not Raising Interest Rates Faster?
What Is The Logic

What Are The Biggest Problems of Using Monetary Policy?
It Can't Solve Everything

Policy Normalisation, Recession & Soft Landings
ON INVESTORS MINDS

Is 5% Growth Possible in China This Year?
Usually They Deliver

Central Banks Diverge on Monetary Policy
Emerging vs Developed Opportunities

The Great Debate About The FED Being Behind The Curve
Fast, Faster, Fastest Rates

Will The Year Of The Tiger Roar Back?
ONE TO WATCH

What's Happening At Central Banks Around The Globe?
ON INVESTORS MINDS

Interest Rates & Quantitative Tightening
Asset Allocation is Changing

Economic Forecasting. What Works. What Doesn't?
ON INVESTORS MINDS

Is A Monetary Policy Mistake Inevitable
Trusting Central Banks

Are China's Growth Targets Achievable?
Challenging Times
