It is the 20th of February 2020


European Peripheral Corporate Bond Yields Tumble To Record Lows Ahead Of Draghi's Monetization

On the day Mario Draghi announced that the ECB would launch a historic corporate bond monetization program, the first of its kind, we said that we expect bond yields to tumble imminently as the market frontruns the ECB's open-market purchases of corporate bonds and soaks up all available supply in the market. Not even we expected what would happen next though.

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Bank Of Japan Unleashes Yield Curve Chaos: JGBs Inverted At Short- And Long-End

You know you have 'tinkered' too much in the machincations of what dealers now call a "dead market" when the world's largest sovereign bond market is inverted at the short-end and the long-end. The utter folly of Peter Pan policy has sent 10Y JGB yields below the BoJ's overnight call rate for the first time ever...

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Everything Was Working Great... And Then Today's ECB Blog Post Left JPMorgan "Dazed And Confused"

In a historic first, earlier today ECB vice president Vitor Constancio (the same one who in October 2014 explained that the European stress tests refuse to consider a scenario with deflation  "because indeed we don't consider that deflation is going to happen" just a few months before Europe got its first deflationary print since the crisis) penned an official ECB opinion piece, some might call it a blog post, titled "In Defense of Monetary Policy" just hours after the ECB's historic "all in" gamble which included the first ever monetization of corporate bonds.

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In Odd Twist, Canadian Bullion Dealer Offers To Pay Interest On Gold And Silver

There are three certain things in life: death, taxes and paying vault storage fees to keep your gold safe. Or at least there were: recently the third of these certainties got somewhat muddied when, over the past year the government of India unleashed an attempt to soft-confiscate the nation's publicly held gold, by offering to pay interest for said gold. Incidentally, the effort has failed miserably as India has been able to collect only a few tons of gold as part of this gold monetization scheme.

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