Daily Note – Go out and vote!

gm360Summary:

ECB to stay the course!

United Kingdom: Retail Sales accelerate in April

United States: Weekly claims close to historic lows

Eurozone: Flash PMI data slows in May

Good morning,

It is time to vote in Ireland’s gay marriage referendum. Let’s hope for a massive, tolerant Yes vote! Heading down to the polling station now. Whatever you say, democracy has a great feel to it.

Speaking of a type of democracy, the ECB yesterday emphasised the need for a “steady course” of monetary policy and a “firm implementation” of the asset purchases. The current level of policy rates was reconfirmed as the “effective lower bound”. So buy equities! This is a reflation trade after all.

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Global Macro-Daily Note 22nd May 2015

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