DRR - European Central Bank calls emergency meeting to discuss market turmoil

More central banks are getting nervous about current market conditions ahead of the Fed's closely-watched policy announcement that will take place at 2 p.m. on Wednesday. The European Central Bank has called an "ad hoc meeting" for Wednesday morning as bond yields surge and investors dump southern European government debt. In fact, the yield on Italy's 10-year government bonds reached 4.2%, the highest level since 2013 and up nearly 75 basis points in just five days, before falling back on word of the meeting (compare that to the 2.2% yield on German 10-year bunds). Could the ECB create a new bond-buying tool to contain the fallout as it embarks on a series of rate hikes to fight record-high inflation? Related ETFs: FXE, EUO, ERO, DRR, ULE, URR, DLBR, UEUR

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European Central Bank calls emergency meeting to discuss market turmoil