Rumor - Reaction? - Denial. And so the shameful and ridiculous floating of whatever strawman argument any and every news agency will delightfully post goes on. In somewhat ironic timing, given our recent rebuttal of the likelihood of ECB rate caps/targets as anything but a failure, Reuters is reporting people familiar as saying:
- *ECB UNLIKELY TO SET YIELD CAPS IN NEW BOND BUYING: REUTERS
Is this what Draghi is staying home for? As we noted previously it is clear that consensus is a long way away on the Governing Council. Meanwhile, it seems this is more than enough to stoke hopes of an alternative bailout as stocks rally out of the US open. Sigh.