No change… no change. Draghi’s back and, just like RBA’s Stevens last night, is ready to talk (but not jawbone) his currency down; explaining that any day now we might – just might – unleash a treaty-busting monetization of more debt that won’t actually reach the real economy but will provide more ammo for carry-traders to leverage longs in peripheral nations sovereign debt. Since the last ECB NIRP unleashing, things have got worse for Europe… but it will take time we are sure… just wait until H2 2014…
Why Draghi’s snookered… the real costsof borrowing is practically unaffected by Draghi’s actions…the transmission mechanism is broken
via Zero Hedge http://ift.tt/TF0mwA Tyler Durden