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Historic bond buying by European banks kept up again in February. The two-month binge is only surpassed by April and May 2020. At the same time, no lending to speak of, banks being totally defensive despite rate cuts. The implications are enormous given the background for 2025. Eurodollar University's Money & Macro Analysis You can watch the replay of our last webinar going over the various scenarios for the global economy: https://event.webinarjam.com/go/replay/27/n0rnxu71sp7b8nb1 Eurodollar University's one-time webinar offer for its subscriptions and memberships: https://www.eurodollar.university/webinar-offer ECB The euro area bank lending survey - Fourth quarter of 2024 https://www.ecb.europa.eu/stats/ecb_surveys/bank_lending_survey/html/ecb.blssurvey2024q4~e1ddae0f19.en.html ECB Past Macroeconomic Projections https://www.ecb.europa.eu/mopo/devel/ecana/html/table.en.html ECB Using corporate earnings calls to forecast euro area labour demand https://www.ecb.europa.eu/press/economic-bulletin/focus/2025/html/ecb.ebbox202502_04~3283f1bc62.en.html Bloomberg ECB’s Escriva Says Downside Risks Are Outweighing Upside Risks https://www.bloomberg.com/news/articles/2025-03-24/ecb-s-escriva-says-downside-risks-are-outweighing-upside-risks Bloomberg ECB Rate Cuts Are Neither Finished Nor Automatic, Villeroy Says https://www.bloomberg.com/news/articles/2025-03-25/ecb-rate-cuts-are-neither-finished-nor-automatic-villeroy-says Bloomberg Stournaras Says Everything Points to April ECB Cut: Econostream https://www.bloomberg.com/news/articles/2025-03-21/stournaras-says-everything-points-to-april-ecb-cut-econostream Bloomberg Lagarde Says Uncertainty Means ECB Can’t Commit on Rates https://www.bloomberg.com/news/articles/2025-03-20/lagarde-says-rising-uncertainty-means-ecb-can-t-commit-on-rates https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |