by Jeffrey P. Snider
Alhambra Partners
The prevailing view is that the ECB will add to QE tomorrow in accompaniment of a further negative deposit rate floor. Whether or not Draghi and his orthodox economists have the gall to shunt the MRO midpoint below zero remains an open question, but what is less uncertain is that despite just about a full year of actual QE there is nothing to show for it. Even stocks, which were once so easily captured by the illusion, no longer react to the show.