As negative rates are losing some of their initial appeal, the ECB's recent policy shift emphasis to TLTRO (Targeted Longer-term Refinancing Operations) with a sizable package will facilitate fixed-rate lending for four years at 0% or potentially as low as -0.4%. This could boost the ECB’s balance sheet by an additional €1.5 trillion, believe JP Morgan analysts. Bruce Kasman and colleagues argue in their March 11 research note titled “Global Data Watch” that the fog of uncertainty over the

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