That’s the day the European Central Bank’s first and largest 12-month Long Term Refinancing Operation (LTRO) will run out. It’s also the day Barclays US money market analyst Joseph Abate expects three-month dollar Libor to start rising, to as much as 75 basis points.
The reasoning is that the start of the 12M LTRO, which added €442bn in market liquidity in June 2009, was the thing that kicked off the decline in dollar Libor, shifting it down by about 25bps between Spring and September 2009, when a second LTRO was launched.
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