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The Real Reason Draghi Is Front-Loading Q€ (In 1 'Disappointing' Chart)
When US Macro data started to crumble after QE3 ended last year, and with it US equities, The Fed unleashed Jim Bullard to suggest that QE4 was possible if things deteriorated... and in that moment, everything broke.
The last few months have seen expectations of a European recovery dashed as macro data has disappointed greatly - now weaker on the year.
So what is Draghi to do? Easy - Fed playbook: unleash Benoit Coeure to suggest moar QE sooner and maintain the illusion of future success in stock prices (even as data collapses)...
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Stocks are up because... fundamentals.
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Duh.
Makes more sense than what they said, that it was a preemptive move to combat possible low liquidity, but still pretty sad.
Pissing into the wind...
"The answer my friend is pissing in the wind, the answer is pissing in the wind"....
couldnt resist...
Someone blows, but it's not the wind...
Break like the wind.
CEO walks into a meeting room where there are two salesmen competing for his company's business. He throws a tourniquet on the table and says "First one to pick it up, loses. Let's begin."
I think central banks are pretty much doing that now, on a global scale.
Disappointing? Kind of like when the Greeks found out the Oracle of Delphi wasn't an oracle at all but, like modern QE, was nothing but self aggrandizing, preserve-the-cult-at-any-cost HOCUS POCUS
to me looks like strong summer for us equities
Fuck you central banks!
So will it be QE4 or rate hikes?
That is the question.
Both. Rate hike first followed by a major hike tantrum followed by QE4.
Looks like inflation hit the stock market big time.
"Just keep printing till something else explodes and the Germans will take care of it."
That's my view at least.
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If the macro is that bad why are we not seeing mega layoffs?
Might I be so bold as to suggest the Fed is shovelling cash to struggling companies with two conditions:
1. Buy back shares to ramp the market
2. Do not lay off significant numbers of employees
If so this is akin to paying people to dig holes and fill them back in over and over .... and calling that growth (or recovery)