The Spanish Public Treasury will hold a new auction this Tuesday, this time for three- and nine-month bills, pending the European Central Bank (ECB), which meets on Thursday, at a time of economic weakness and in which the rise in the price . of crude oil can truncate the improvement in inflation.
Last August, the year-on-year inflation rate in the eurozone stood at 5.3%, the same level as in July, putting a stop to the downward trend of the last ten months, while the GDP of The region grew 0.1% in the second quarter, two tenths less than estimated. In this context, experts doubt the next steps that the ECB will take, since although the slight decrease in general inflation and weak economic data support a pause in the rate hike, the persistence of underlying inflation could justify a Increase of 25 basis points.
Next week the US Federal Reserve (Fed) also meets, which, as the market expects, will keep interest rates unchanged. Pending the decisions of the central banks, the Treasury will appeal to the market again this Tuesday. In the month of September it has already held two auctions in which it has raised almost 11,800 million euros in bills and bonds and obligations that, in almost all cases (except for twelve-month bills), came out at a higher marginal interest.
In these auctions, the Treasury has paid the same interest on the bills as on the bonds, since the one-year bills were sold at 3.680% on Tuesday, compared to the 3.668% applied on the ten-year bonds sold on Thursday. Next Tuesday, September 12, the Treasury will place three- and nine-month bills. The marginal yield applied in the August bid was 3.535%, in the case of the former, and 3.7% in the case of the latter.
