Thanks to more jawboning promises of QE from Draghi this morning, peripheral bond yields in Europe have collapsed once again. Any minute now, Spain will be a lower-yielding bond than the US… and at this pace, you will have to pay Spain to lend it money within a few months… we are sure someone has figured out how entirely useless asset-purchases would be at these levels.. but for now, fight the fed in the US (they remind us that tapering is not tightening remember) but don’t fight the promise of the ECB…
That Was A Quick Fix: Spain Saved By Draghi Winking, Central Bank’s Bond-Buying, Hedge Funds Front-Running