The aftershocks of Thursday’s ECB meeting are still haunting financial markets. A widening of government bond yield spreads, markets aggressively pricing in two rate hikes this year and tons of articles and views on what the ECB should or could do in the coming months. Let’s be clear, if the ECB had known what it wanted to do next, it would have said so last week. It's already been decided that asset purchases will not end and there will be no rate hikes; we're just waiting for this to be announced at the March meeting. Instead, last week’s ECB has simply marked a turning point. A turning point, opening the door to a ... (full story)