Euro U-Turn

Relax, said the nightman
We are programmed to receive
You can check out any time you like
But you can never leave
--Eagles

ECB joins the Fed this am by deciding not to raise rates as previously planned. Further, it signaled that future rate hikes are on hold and that new lending programs will be rolled out for banks and other institutional borrowers.

Seems only a matter of time before the ECB will also announce that its QE program will not be reversed, leaving trillions of assets on its balance sheet similar to the Fed.

This morning's actions once again reinforce the notion that central banks can never leave the extreme monetary policies that they have created.