Wednesday , 20 January 2021

MBS MID-DAY: Leaky Oil, Stocks, and Leaked EU Summit Details Stop the Leak in Bond Prices

By Matthew Graham

Posted To: MBS Commentary

“Leak” is definitely one of those words that, if you say it enough, it starts to sound funny. One way to hear it pretty reliably is to tune in to the Financial Times a day before EU Summit Conclusions are released. They always “leak” the conclusions/draft, as they did with today’s headline: “Leaked EU summit conclusions: Draghi left hanging?” The draft itself is one of the most boring things you could read. They always are. But some have suggested the takeaway is that ECB’s potential QE efforts in 2015 will be delayed past the beginning of the year. Quite a few market participants are currently looking for some movement on QE in January or February, so this was a bit of a foil for that optimism . As we would expect, German yields rallied and peripheral…(read more)

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