Hopefully our friends at Goldman don't get too upset, but a portion of their recent survey is just too important not to post. The survey asked what investors (as well as analysts and economists) think will be the ECB announcement/policy change tomorrow. Here are the results. As a comparison to Barclays Capital internal assessment (and further discussion) see this earlier post.
Relaxation of collateral requirements and the restart of SMP (periphery bond purchases) in support of EFSF purchases seem to be the common themes with the Barclays analysis. Again, if these policy changes don't take place, we should expect a sharp selloff across risk assets.
|Source: Goldman Sachs Global ECS Research. Survey taken August 1, 2012.|