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ECB picks former aide to Lagarde and Draghi to lead policy

BY Reuters | ECONOMIC | 04:45 AM EDT

FRANKFURT, May 29 (Reuters) - The European Central Bank said on Friday it had picked Roland Straub, a former adviser to current President Christine Lagarde and her predecessor Mario Draghi, to lead its monetary policy work.

Straub, who recently took over as the second in command at the ECB's market operations, will replace another close Draghi aide, Massimo Rostagno, who recently retired. He will start on July 1. (Reporting by Francesco Canepa Editing by Ros Russell)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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