In an interview with the Italian newspaper "La Stampa", Sergio Ermotti, UBS CEO, expressed his view on the ECB’s monetary policy: "Bringing interest rates so low it was a duty, you had to try. but today, while the European central Bank continues with its expansive monetary policy, governments do not make the necessary reforms. So insist in the same direction is a kind of aggressive treatment ".
Regarding a possible return to Unicredit to succeed Federico Ghizzoni, Ermotti was very clear: "I have a very nice memory of Unicredit, but I must say that I am very happy where I am today."
The Federal Reserve leaves a door to a possible rate hike in June, which would judge "appropriate" if the macroeconomic data were to confirm an acceleration of the US economy in the second quarter (the GDP in the 1st quarter marked an abrupt deceleration).
This is revealed by the minutes of the last meeting of the FOMC, the monetary policy committee of the Fed, on 26 and 27 April. On that occasion, the bankers had preferred to leave interest rates unchanged in a band between 0.20% and 0.50%, after the first increase work last December.
Spain has placed on the market a 50-year state title. Following the example of Belgium who recently successfully priced titles in this length of time, even Madrid decided to refinance a maturing issue in 2066. Even Italy is considering to issue a 50-year bond, but for now nothing is yet planned by the Treasury. Interest in the very long-term emissions comes mainly from pension funds and insurance funds, in pursuit of higher returns to zero and at the same time to have in "investment grade securities portfolio". Spain in fact enjoys BBB + rating from Standard & Poo’rs and Fitch and Baa2 by Moody’s.
The ECB seems optimistic, not in an exaggerated way, for the Eurozone economy, as confirmed by the minutes of the last meeting took place on 20 and 21 April last. In this way the orientation of President Mario Draghi is confirmed.
A few hours from the minute the FOMC the Fed takes time but says it is ready to raise interest rates in June, Eurotower confirms its objective of achieving inflation at 2%, although the macroeconomic data shows that the ‘Eurozone still gripped by deflation.
Replying to a question in a letter to Democratic Congressman Brad Sherman, Janet Yellen, president of the US central bank said the hypothesis of negative rates can not be ruled out entirely, but that should be carefully studied. "Although not completely rule out the use of negative interest rates in some future scenario extremely adverse, you should consider a wide range of issues before you use this tool in the United States, including potential unintended consequences," as reported in the letter.
Yellen, optimistic about recovery, explained that if economic conditions deteriorate, "the Fed will adjust its policy appropriately to support progress towards its goal of long-term maximum employment and stable prices."
Deutsche Bank in Frankfurt is under investigation for market manipulation from Trani prosecution along with former management of the group. The story concerns the massive operations, for 7 billion euro in value, made on Italian government bonds between January and June of 2011.
In recent days the military police of Bari Finance, together with the pm Michael Ruggiero, have made seizures of records and email in German institute Milan office and would have listened to witnesses.
The currency reserves of the Swiss National Bank (SNB) rose in April by 1.9% compared to the previous month, the increase was of 11.1 billion Swiss francs for a total of 587.6 billion.
It indicates how much the institute of emissions in a statement on the official website. The revaluation is partly due to the stronger euro, spent over a month from 1.0910 to 1.0990 francs. The single currency is more than 40% of foreign exchange reserves of the SNB. The dollar, about a third of the total, has not however made significant movements.
The ECB has decided to stop the production of the 500-euro note, if the issue will stop "around the end of 2018". This was announced by the central bank, talking about "concerns that this note could facilitate illegal activities." "The 500 euro banknote – the ECB precise – will always retain its value and can be exchanged at the Eurosystem central banks for an unlimited period of time."
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