• deposit rate can in theory be even more negative; • rapidity of bond market reversal is worrying; • ECB to front-load QE in May, June for seasonal reasons; • will accelerate QE now before summer market lull; • lower bound not hard constraint for monetary policy; • ECB has reached effective lower bound; • bond-market rout sign of reduced liquidity globally; Euro under further pressure with EURUSD testing 1.1250 1.1230 on the remarks; Text of a speech to be given in London; (full story)