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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (5970)	5/10/2004 9:29:48 AM
From: mishedlo	Read Replies (1) of 116555

ECB sees risk of 'extreme' liquidity imbalance, may hold fine-tuning operation Monday, May 10, 2004 9:46:18 AM FRANKFURT (AFX) - The European Central Bank said there is a risk of a severe liquidity imbalance in the euro zone money market at the end of the current reserve maintenance period The ECB said it may need to correct the projected imbalance with a fine-tuning operation tomorrow, which is the final day of the reserve period "The ECB's current liquidity forecasts foresee an extreme liquidity imbalance at the end of this reserve maintenance period. Unless this imbalance is corrected by other liquidity shocks, the ECB will aim to counter it via a fine-tuning operation tomorrow," it said in a statement The operation would take place at 1000 CET tomorrow, it said A fine-tuning operation is a one-off tender executed by the ECB to deal with unexpected liquidity fluctuations in the money market The ECB said the decision reflects its aim of preventing such extreme liquidity imbalances leading to significant volatility in overnight money market rates fxstreet.com

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