• Anyone seen the movie called The Graduate with Dustin Hofman and Anne Bancroft? It’s a classic and you should definitely see it. There’s also a very famous quote here that we will paraphrase. Because it so aptly describes present day money markets. One word: liquidity.
  • ECB TLTROs and bond buying have boosted excess liquidity to unprecedented levels. By the end of April, the last month for which we have consolidated bank balance sheet data, excess liquidity net of tiering has jumped to 3.2 trillion euros, equal to nearly 10% of banking system assets:



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