ECB day, and all through the house, no creature was stirring, not even a mouse. Yes, today is supposed to be the day that the unexpected QE junkies at the European Central Bank hit the off switch and go cold turkey. Well, switch to methadone perhaps. After all, they are expected to continue with their asset purchases, just at a slower pace, or for a shorter period of time. Extend and indeed pretend.
Perhaps it is the potential complexity of this decision that’s keeping the market so quiet. Here’s a nice summary of what’s happened so far . . .