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Category Archives: ECB QE

Next ECB sugar bomb will come early

ECB Prez Draghi gave a scheduled press conference this morning. He indicated there could/would be more candy, but we’d have to wait until March. Presumably it will take that long to coerce / convince the Bundesbank to increase ECB QE by 30B euro/month.  Who knows what new dodgy assets they’ll be forced to begin buying because there won’t be enough dodgy sovereigns to buy […] Read the rest of this entry »

ECB gives birth to QE…finally.

Borrowing a page from the CFO playbook, yesterday the ECB sandbagged things by leaking news of a 50B euro/month QE program to be announced this morning. It then provided a “beat” by announcing a 60B euro/month QE program at 8:30am this morning. Can you tell that ECB President Draghi used to work for Goldman Sachs? SPX futures took the news in stride this morning. […] Read the rest of this entry »

ECB: no new candy today

The ECB is not announcing any new monetary policy candy today.  Per their recent comments, the ECB will reconsider doing more early next year. They want to see how all their existing actions are working for a few more months. Translation: Germany is still not OK with the ECB forcing it to begin blowing out the Bundesbank balance sheet with what are in reality […] Read the rest of this entry »

ECB: full QE comes in Q1

Vitor Constancio -ECB VP-  told the FT the ECB could begin full QE in Q1.  (How’s that for acronym use?)  Jokes aside, this means the ECB will not announce full QE at next week’s regularly scheduled meeting. Judging by the plan to monitor the economy in Q1 before implementing full QE, the blessed event may not be announced until March. That’s a long way […] Read the rest of this entry »

European sovereign bonds to be added to ECB menu

Yesterday was the ECB’s inaugural TLTRO auction. Virtually free (0.05%) money with a 4yr term for European banks will be loaned in several auctions through the end of next year.  Expectations were for something in the 170B euro neighborhood to be soaked up yesterday. Less than half materialized (82.6B euro). The ECB is going to be hard pressed to force banks to make loans […] Read the rest of this entry »

A thing of beauty

For what it’s worth, this Greedometer sequence (the 9th) is a thing of beauty so far.  Ditto for the mini Greedometer sequence.  I don’t see today’s ECB viagra QE warping or truncating it. On with the show….  

ECB viagra

For a risk-on party that lasts hours (after the medication is taken), take this purple pill…. There has been a great risk-on party leading up to the ECB’s announcement of its QE bond buying program today. (The ECB does not refer to this as QE because it isn’t buying sovereign bonds with their newly printed euros. Yet. A difference of little distinction unless you […] Read the rest of this entry »