View from City Road: The Bundesbank's strange timing
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Your support makes all the difference.The Bundesbank appears to have cut its money market rates yesterday as a sop to French feelings ahead of the Franco-German meetings. If so, it betrays an astonishing but no longer unprecedented insensitivity. Precisely such a reduction might well have been enough last Thursday to lift the pressure on the franc. Its timing yesterday looks like a triumphalist slap in the face.
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