Thursday, March 10, 2016

EU Desperation

"Remember this day, boys. Remember this day."
--Sam Rogers (Margin Call)

This morning the ECB announced an eyebrow raising array of moves aimed at stimulating the economy. The moves include further movement toward negative interest rates, a 33% increase in asset purchases (a.k.a. 'quantitative easing'), a series of four new long term refinancing programs (LTROs), and the eligibility of investment grade euro-denominated corporate bonds issued for QE purchase.

This is what desperation looks like in central banking land.

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