A mostly meaningless rate cut -- but a strong new liquidity program and break for ELA.

Revisions to March's disaster are welcome, but the labor market remains stagnant at best.

The "end to austerity" in Europe does not mean the end to structural reforms (or austerity).

Abenomics isn't just policy -- it's part of a Japan's cultural and geopolitical awakening.

The bull cases and bear cases based on the ERP are equally wrong.

The euro sovereign carry trade turns out to be a myth. SME credit is where the pressure is.

His signal was unmistakable. But with deflation risk increasing, he can't follow through.

Business credit languishes in the euro area, but there's a better solution than negative rates.

This can't go on. Consumption tracks 2012's sluggish trend, while disposable income falls.

The BOJ can't have both higher inflation and lower yields -- but that's making a buyable dip.