Global PPT Swings From "Easing Actions Are Backfiring" To Double Central Bank Bazookas In 3 Days

Sunday evening, as the world watched the fallout from what "Remin"-ers said was the end of the world, The BIS warned that central bank 'easing' actions "have started to backfire" and explained what little could be achieved with further stimulus...

"Monetary policy is running out of room for maneuver," said Hyun Song Shin, head of research at the BIS, in an interview.

 

“It is not clear how much further stimulus of the real economy can be achieved using monetary-policy tools alone without inviting unwanted distortions.”

Three days later, first The Bank of England and then the European Central Bank both unleashed fresh bazookas as The PPT to save the world swung into action to rescue stocks and the all-important global wealth effect. Yet again - no consequences for anything will be allowed...

So screw the distortions...

 

And bonds have rallied (though notably Bunds and thus Treasuries have tumbled since ECB announced going off-key withg its bond buying)...

 

Bond Futures show the divergence clearer...

 

Finally, let's not forget where the world's central bankers were located on Friday morning when they announced the barrage of monetary policy responses they would unleash in the aftermath of Brexit to soothe global capital markets: the 18th floor of the BIS tower.

So you will please excuse us if we ignore this latest annual rant by the BIS against the policies implemented by the BIS' very own board of directors. If anything, we would expect much more of the same failed policies; we certainly will expect even louder and more dire warnings from the BIS one year from today when everything else that central banks unveil between now and June 2017 is implemented, and fails to do anything but keep global equity markets propped up "whatever it takes."