Full left rudder! – as Ham Tonks would say.

No, I did not turn into Schindler’s fundamentalist all of a sudden, but there is something to be said here about them central plonkers.

The Spainard CP-Lie came in at 10.2 today.

This would leave the ECB with having to start tightening agressively.

Although the FED is already after a .25, a .5 and a .75 hike, Europe is to start from a decades long stand still. And they would have to do it at least twice the pace of the FED. It is not the nominal rate that matters, but the rate of change. Do you really want to be short the Euro before it getting a horse shoe?

Straight outta Compton nowhere.