QOTD: Bund Dearth
QOTD: Quote of the Day
Nice pithy quote, which nicely encapsulates our narrative of global markets that the major central banks have created a yuuuge shortage of risk-free assets kicking the world economy into a bizarro Twilight Zone, where, now even PetroBras bonds trade with a negative yield. You heard that right, PetroBras, Brazil’s state oil company.
Some speculate the ECB will soon reach its limit of 33% ownership of a single issue and be forced to raise it to 50%, as the German government is reducing the stock of bunds with perennial budget surpluses. Many believe a -2% handle on the bund is in the cards during the next round of ECB QE.
Please, don’t ask: What is the bund market telling us?
bunds are “scarce potatoes” – Bond Vigilantes
By the way, Germany and Japan have the world’s oldest populations. Don’t you think reducing the income of retirees through QE may have/had unintended economic consequences?
Just askin’.
Source: https://global-macro-monitor.com/2019/07/16/qotd-bund-dearth/
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