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Meet the bankers – In Jackson Hole hold banknotes back – Euro profit | News

Saturday, August 26th, 2017 | Economy

The chairman of the US banknote Janet Yellen did not comment on the monetary policy on Friday. The President of the European Central Bank (ECB) Mario Draghi emphasized the need for an initially still loose monetary policy. The statements on monetary policy were not really new, and he did not say anything about the euro. This rose to the highest level in 2 1/2 years.
Although the economic recovery continues, a significant level of support for monetary policy is still justified, Draghi said. The approach of the inflation rate to the ECB's target of just under two percent is not yet self-sustaining. The billiard-heavy loan purchase program of the banknote has worked well so far. Draghi made statements on monetary policy in a questionnaire. In a previous speech he had not expressed himself, but warned against protectionism.
Yellen defends financial market regulation
Yellen had previously defended the regulation of the financial sector, which was taken after the severe financial crisis of 2008, against criticism. It pointed out that studies were not burdened by economic regulation by the financial sector. The same applies to the availability of loans or the liquidity of the financial markets. On the contrary, the financial system has become more robust due to regulation, such as turmoil in the financial markets. Yellen warned not to forget the lessons from the recent financial crisis.
The US government is currently thinking about recapturing a portion of the US financial system that has been taken after the crisis. These are, for example, parts of the "Dodd Frank Act", which has forbidden or severely restricted the number of commercial transactions among US banks. Stability-oriented economists are keen to criticize efforts, fearing that this could prepare the ground for the next financial crisis.
The euro rate has risen to the highest level since January 2015
The winner of the cautious central bank was the euro. It reached the highest level since January 2015, at 1.1942 US dollars. Some observers had expected Draghi to be able to critically comment on the strong euro. After the speech, the euro increased and expanded previous price gains significantly. Finally, Draghi had also said nothing about a possible exit from the billions of heavily borrowing programs.
Already after a previous speech of the US banknote president Janet Yellen, the dollar was noticeably under pressure. Some investors had apparently speculated on signals for further interest rate hikes. After these failed, the dollar came under pressure to all major currency. The rates of US government bonds, on the other hand, increased.


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