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More Thoughts on the ECB
It was ECB President Draghi's speech in the central bank conference in Portugal on June 27 that began the current market phase. He seemed to acknowledge the obvious, which that ECB officials may be as surprised as any one with the market's dramatic response to the assessment reflationary forces are at play. The day before Draghi spoke, the 10-year German Bund yield traded near 23 bp. It peaked a week ago near 62 bp. The yield has eased a bit in what appears to be consolidation ahead of the ECB meeting. This is part of the overall tightening of financial conditions was the market's reaction function to Draghi's ... (full story)