One Year Anniversary Of ECB QE Comes, CDX IG and HY Indexes Lose Net Longs

Mark Melin

Published onMarch 25, 2016

Updated on May 13, 2021

How is ECB QE working?

There is an auspicious birthday that is generally going unnoticed in the financial universe. The European Central Bank’s quantitative easing is going on year one, a Bank of America Merrill Lynch report notes, but it has resulted in an oddity. “Despite QE purchases beginning 12 months ago, few rates metrics actually moved the way one would have expected last March,” the report noted. This comes as key credit default indexes are seeing net-long positioning decline.

BAML 3 24 ECB QE not much moving — Not much moving after ECB QE

ECB QE didn’t move markets as...

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Mark Melin

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

One Year Anniversary Of ECB QE Comes, CDX IG and HY Indexes Lose Net Longs

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