Posted To: MBS Commentary
Today is one of those special days for financial markets where we finally come to an event with so much hype that it’s a big deal no matter how it goes down. For example, the most dramatic thing the ECB could do today would be to make no policy changes. In fact, given the level of anticipation, things would get downright crazy if we end the morning without a fairly substantial QE announcement. In order to truly appreciate just how immense the anticipation is, one needn’t look any further than a few select anecdotes from the timeline of the ECB’s last bond buying program. Sept 2012 – the “Outright Monetary Transactions” (OMT) program is announced. Nov 2012 – before the program is ever used, a German coalition sued the ECB, claiming it violated German law and the Eurozone…(read more)
