Author: John Pugliano
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Fed’s QE3 exit strategy: ECB’s negative rates will force European banks to buy our debt?
Today the markets popped with the announcement of the European Central Bank’s (ECB) new policy of ultra low and negative interest rates for excess bank reserves. This was done in an effort to combat perceived deflation. The S&P500 closed at a record high (slightly below average volume). The NASDAQ was up a strong 1.05% (in…