Worst case without Scotland: gilts get slightly junked. But no currency crisis, no contagion.
Lorcan Roche Kelly
On the ECB August Policy Decision
Thursday, September 4, 2014
As we expected, an ABS purchase scheme -- along with a surprise rate cut (the last one).
Attack of the 15 Basis Point Deflation Monster
Tuesday, September 2, 2014
A dubious deflation emergency in Europe isn't justification for such low US Treasury yields.
Whatever It Takes Comes to Jackson Hole
Monday, August 25, 2014
Off-script again -- Draghi drops a QE bombshell at the Fed's conference.
So Close to Recovery, So Close to Doom
Thursday, August 7, 2014
QE is coming to the euro area as bank lending recovers, and trade war with Russia loom.
On MH17
Friday, July 18, 2014
Putin likes looking evil, but not stupid. The tragedy will likely cool things down in Ukraine.
How's That Working For You, ECB?
Wednesday, July 2, 2014
So many new policies, so few results -- and asset purchases are pushed far into the future.
On the ECB June Policy Decision
Thursday, June 5, 2014
Draghi begs the question: how many pea-shooters does it take to make one bazooka?
Going Negative?
Wednesday, June 4, 2014
In the ECB's quixotic quest for inflation, ABS purchases are more likely than negative rates.
Europe's Fake Quake
Tuesday, May 27, 2014
It's all over but the shouting -- because that's all that happens in the EU Parliament.