Cheap Convexity

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The ECB's Shallow Follow Through

The ECB's Shallow Follow Through

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Jon Turek
Apr 26, 2021
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Cheap Convexity
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The ECB's Shallow Follow Through
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While the ECB has gone fairly under-the-radar relative to other central banks, it has been quite an interesting last six weeks.

On the one hand, it seemed like at the March meeting the European Central Bank had introduced something fairly significant -- what I have called “D-YCC,” or dynamic yield curve control. The ECB said that their buying under the …

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