Divyang's focus is in following broad macro trends globally with a view to building a tradable analytical framework. He was editor of the flagship products at IDEAglobal as well as head of FX research and then moved to Chief Strategist at Commonwealth Bank of Australia before joining IFR.
It almost feels as if some of the BoE MPC members are feeling a little left out as the Fed and ECB look to carefully refine/retune exit strategies.
We can sum up what has happened recently with central bank communication with one quote: “I know you think you understand what you thought I said but I’m not sure you realise that what you heard is not what I meant.”
Our overall assessment of Draghi’s speech is that it is a tad hawkish in its optimism over the inflation outlook. The ECB’s belief that temporary factors are preventing inflation dynamics from becoming “durable and self-sustaining” supports a gradual adjustment away from a “considerable degree” of monetary accommodation.