(25 October 2019 ) DAILY MARKET BRIEF 2:Hawks could enjoy more sway as Draghi bows out

Mario Draghi gave his last press conference as president of European Central Bank (ECB) warning that Eurozone economic momentum was slowing. His tenure, which ends on the last day of this month, was marked by the use of unorthodox monetary policy to support the economy and markets, including a EUR 2.6 trillion bond purchase program and the reduction of policy rates into negative territory. Draghi doubled down on this approach six weeks ago by announcing a resumption of bond purchases and a rate cut to –0.5%. While Draghi leaves his post with inflation less than half the ECB’s 2% target, his market scorecard has been largely positive.