EUR 
As part of the Eurozones stimulus package Banks took 97.8 billion euros in
the so-called TLTROs, which are tied to lending to the mostly smaller firms
that are the euro zone’s economic backbone. Banks took more than twice the
expected amount of long-term loans from the European Central Bank on Thursday,
loading up on the cheap credit is a fresh sign that this lending will help
to spur the recovery. 

EUR 
As part of the Eurozones stimulus package Banks took 97.8 billion euros in
the so-called TLTROs, which are tied to lending to the mostly smaller firms
that are the euro zone’s economic backbone. Banks took more than twice the
expected amount of long-term loans from the European Central Bank on Thursday,
loading up on the cheap credit is a fresh sign that this lending will help
to spur the recovery. 

The ECB is offering banks the loans as part of a cocktail of measures aimed at
pumping around 1 trillion euros into the euro zone economy, with a view to
shifting inflation from below zero towards its target of just under 2 percent.

The ECB made its latest batch of TLTROs more attractive by removing a 10 basis
point premium over its main interest rate of 0.05 percent that was applied to
the first two tranches. Thursday’s bumper loan take-up came after the ECB
earlier this month painted an upbeat picture of the euro zone’s growth outlook
as it embarks on a plan of money printing to buy sovereign bonds, a policy known
as quantitative easing or QE.

USD
The low number of Americans filing applications for unemployment benefits last
week signals the labour market remains resilient even as the economy cools.
Jobless claims rose by 1,000 to 291,000 . Readings lower than 300,000 are
consistent with strong hiring. The figures were for the week the government
also surveys employers to calculate the monthly payroll data. 

Other reports showed Americans’ views on the economic outlook fell in
March from a four-year high, manufacturing in the Philadelphia region grew at a
relatively slow pace and the index of leading indicators signalled a steady, if
unspectacular, rate of expansion. The reports underscore the view of Federal
Reserve policy makers, who reduced their forecasts for economic growth and the
pace at which they’ll raise interest rates. 

The low number of Americans filing applications for unemployment benefits last
week signals the labour market remains resilient even as the economy cools.
Jobless claims rose by 1,000 to 291,000 in the seven days ended March 14.
Readings lower than 300,000 are consistent with strong hiring. The government
also surveyed employers to calculate the monthly payroll data, which posted
small gains. 

Americans’ views on the economic outlook dimmed in March from a four-year high,
manufacturing in the Philadelphia region grew at a relatively slow pace and the
index of leading indicators signalled a steady, if unspectacular, rate of
expansion. The reports underscore the view of Federal Reserve policy makers,
who reduced their forecasts for economic growth and the pace at which they’ll
raise interest rates. 

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