Says ECB package is coherent with the current economic situation
- We see market volatility but we are guided by economic conditions
The ECB action yesterday was a massive boost for banks but it was more of a disappointment to the rates market. Investors are also sorely in need of coordinated stimulus to boost confidence and they need to see some light at the end of the tunnel.
If Europe goes into a massive lockdown like what we're seeing with Italy, monetary stimulus is essentially useless in such an environment.
