The Morning View: January 23, 2020

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager

In this morning’s data, as expected, the European Central Bank decided to keep the deposit rate unchanged, at -0.5%, and monthly bond purchases will remain at 20 billion euros. The statement following their meeting noted ongoing, but moderate economic growth in the Euro area, with weaker manufacturing and a firm labor market. They will also conduct an overall review of their policy strategy. Overall, continued accommodation from the ECB as inflation remains elusive, with some similarities to conditions in the U.S. Meanwhile, initial jobless claims in the U.S. were 211,000 for the previous week, slightly below expectations, suggesting a continued firm labor market here at home. In all, bond yields are little changed and equity futures are lower this morning heading into the market open.

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