from Market Anthropology:
Despite arriving late to Thursday’s press conference – ironically, held up by the new ECB elevator system that just wouldn’t cooperate… Draghi delivered the goods. The ECB would buy over 1 trillion euros through September 2016 – or until there is a “sustained adjustment in the path of inflation”. True to monetary form, the program exceeded expectations, even surprising by 20 percent the tactical “leak” of 50 billion euros/month floated just the day before.
Well played Super Mario – well played, however;
– Will it work?
– Will it be enough? – or,
– Is it too late?
Considering it’s Europe’s first salvo fired at the QE range, it’s probably wise to let the dust settle some more – although conventional wisdom yesterday echoed expectations that the program will further suppress yields.
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