ECB between a rock and… soft credit
“Whatever it takes” was uttered by Mario Draghi in 2012 in an attempt to put an end to the European sovereign debt crisis. In the process it provided the backstop the market was looking for and provided a suitably accommodative monetary policy to support European government bond and European credit markets.
Out of the Darkness
Last year I wrote a piece entitled ‘A Moment in the Sun’ in which I donned my rose-tinted spectacles and looked forward to a glorious new age of banking profitability and stability. Clearly, war in Europe wasn’t part of the investment case.
Safety and return at the very short end
When we talk about the short end we are not talking about the stature of this fund manager. We are talking about the short end of the yield curve – those fixed income securities with short maturities and hence negligible price risk from movements in interest rates.
