On Tuesday, Janet Yellen delivered what some observers called her finest “performance” since ascending to the monetary throne in February of 2014.
Of course in the post-crisis world, central bankers are only praised when they make dovish pronouncements. Hawks are heretical. To tighten is to sin.
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.
Jan Cienski reports on the new Polish government’s dim view of the relationship with the U.S.:
Poland’s new government has shed the country’s “negro mentality” when it comes to relations with the United States, Foreign Minister Witold Waszczykowski said on Polish public television.
Following last Tuesday’s attacks on the Brussels airport and metro where nearly three dozen people were killed and hundreds more were wounded, the number one question on the minds of those who have followed the Belgium-based ISIS cell responsible for the Paris attacks was this: what did Salah Abdeslam know?
Following two disappointing auctions earlier this week when first the 2Y and then the 5Y auctions either demonstrated a substantial drop off in bid-side interest or priced wildly through the when issued, we said to await today's 7Y auction for the true picture of demand for primary paper, as the first auction took place when Europe was out for Easter vacation, and the second one took place just as Yellen speaking at the Economic Club yesterday.