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News Link • European Union

BofA: More Bad Than Good Came Out Of The Big ECB Announcement

•, Matthew Boesler
 The ECB had its work cut out for it today – markets have rallied considerably over the past month ahead of the big ECB announcement detailing its bond-buying plan this morning. The bond-buying plan is formally known as Outright Monetary Transactions (OMT).

BofA economist Laurence Boone sent a note to clients before the meeting saying there were only a few things the ECB could still pull out of its hat today to keep the market rally going and avoid disappointment.

Markets are definitely rallying, but in a post-meeting note to clients today entitled ECB not about to buy bonds, Boone writes that "for us, the negatives marginally outweigh the positives from the meeting."

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