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Rate Brief

Updated: 2015-01-30, 16:00:51 ET

The Interest Rate Outlook

  • On Thursday, the European Central Bank launched its highly anticipated quantitative easing program.
  • The central bank will purchase EUR60 bln per month of securities, 33% of which will be sovereign debt. 
  • Buying will continue until September 2016.
  • The newly minted program will not discriminate against securities with a negative yield. 
  • Aggressive post-announcement buying has pushed yields across the eurozone to fresh record lows.
    • Germany's 10Y touched 36bps.
    • France's 10Y flushed to 52bps.
    • Italy's 10Y slid to 1.49%.
    • Spain's 10Y sank to 1.25%
  • Attention now turns to Sunday's Greek election where it is expected the anti-euro Syriza party will take control of parliament.
    • Greece's 3Y is down to 10.14% ahead of the event after hitting a high of 15.80% on January 6.