Daily Alert: Thursday 21st March 2019

Mark NugentDaily Alert, March 2019

Daily Alert: Thursday 21st March 2019

The Fed was as dovish as expected. The dot plot comes into line with the market expectations for future rate hikes: that is…none. QE will continue to be unraveled but at a reduced rate as of May and ending in September, leaving about half the QE money out there in the market. That’s almost 4 TRILLION dollars.

PM May surprises the EU by asking for only a short extension to Article 50. They were expecting that plus a longer extension if Parliament cannot get their act together. Tusk responds by saying OK to the short extension but only if Parliament passes the Withdrawal Bill. It’s very difficult to predict what’s going to happen here, but the next data point will be the output from the EU Summit today and tomorrow – will an extension be granted? Probably. What will the conditions be? Well almost certainly at least the need to pass the Withdrawal Bill as Tusk has indicated. Then it becomes a case of how does that vote take place given Bercow’s position.

Omnishambles. But compelling none the less, despite the national humiliation.

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