by Chris Becker
Another QE cat is let out of the bag with the ECB announcing a 60 billion euro monthly purchase program overnight, as expected. The response on risk markets was one of relative calm, with almost all bourses up 1 to 1.7% across both sides of the Atlantic, the commodity complex including gold steady, haven haul-ass to the USD continued while European bond yields plummeted to new lows.
The German 10 year Bund is now at 0.44%, falling 0.08%, with Greek 10 year yields falling half a percent to 8.5% as peripheral bond yields fell between 0.1 and 0.2% across the board.