‘Transitory’ Or Not, European Deceleration Raises ‘QF’ Specter, Dreaded ‘Ammo’ Question

To be sure, the ECB’s Villeroy didn't say anything that was particularly groundbreaking on Monday, but what he did say underscored the central bank's desire to get on with it (as it were) when it comes to calling an official end to APP and thereby opening the door to liftoff. As detailed in the linked post, that set off a flurry of bearish trades and as Bloomberg's Richard Jones notes on Tuesday, "a 10bp hike is now fully priced at the June 2019 meeting." "Villeroy turned focus back on the