TLT - ECB Fiddles As Eurozone Turns
Compared to US Fed, ECB seems flat-footed as growth slows
During the recent period of market volatility the US Fed has in our view successfully re-positioned itself on the dovish end of expectations, both in terms of interest rate and more recently balance sheet policy. The ECB in comparison appears flat-footed, with ECB President Draghi failing to use the opportunity in his press conference last week to emphasise policy flexibility in the event of a downturn. Ironically, the most recent disappointing incoming data is concentrated in the eurozone, rather than the US.
That the US