The European Central Bank considers whether to cut interest rates Thursday, and it is widely expected to discuss that and more quantitative easing but wait until September to act.
The ECB could act, but strategists and economists say it's much more likely the central bank will set the stage for an interest rate cut and other easing at its September meeting. The ECB meets ahead of the Fed's much-anticipated vote next week, when it is expected to cut rates and begin a new cycle of interest rate reductions.
"I think the phrase is 'when the Fed sneezes, the world catches a cure,'" said Ethan Harris, head of global economics at Bank of America Merrill Lynch "There's a case for easing in Europe, but it's not pressing hard on them. What the Fed is doing now is off the charts unprecedented where they move without any hard evidence in the data, and the ECB is not in that frame of mind at all. They're going to lag the Fed," Harris said. He does expect the ECB to cut rates in September and ultimately take its negative 0.4% discount rate to negative 0.6%.
Au has bolted = negative interest rates on t-bills = what in-breed- would want - $$$$$ on your investment- CentralBankers .
Somethings a' brewin!
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