ECB rubbish

So now that the Fed appears to have made a grave policy error judging by the market's initial reaction, it is up to the ECB and BOJ to step up (even if as we warned two weeks ago both are running out of monetizable material) and try to preserve some confidence, i.e., halt the selling.
Sure enough, that is precisely what happened earlier today when infamous ECB board member and hedge fund leaker Benoit Coeure hinted that if only the market drives 5Y5Y's even lower, i.e., inflation expectations, the ECB will have no choice but to boost QE.
To wit:

• ECB'S COEURE SAYS ECB CAN ADAPT QE ASSET PURCHASE PROGRAMME IF DOWNWARD RISKS TO INFLATION ENTRENCH
• ECB'S COEURE SAYS WHATEVER U.S. FED DECIDES, EURO ZONE AND U.S. MONETARY POLICY ARE ON VERY DIFFERENT PATHS

This is happening even as the much touted European recovery is supposedly now faltering:

• ECB'S COEURE SAYS GLOBAL GROWTH PROSPECTS HAVE DARKENED, HAVE WORSENED MARKEDLY IN EMERGING MARKET ECONOMIES
• ECB'S COEURE SAYS EURO ZONE ECONOMIC ACTIVITY SHOULD CONTINUE TO IMPROVE BUT AT A SLOWER RATE THAN PREVIOUSLY THOUGHT
• ECB'S COEURE SAYS WHATEVER HAPPENS INFLATION WILL ONLY RISE VERY SLOWLY IN THE EURO ZONE

Cheap oil = collapsing global economy

Low commidity prices = lack of demand for raw materials from which real things are made

Central Banks can prop up stock markets (for now) but eventually reality will set in.

Maintaining the penthouse suite while the foundations are crumbling.

More central banker insanity.