Futures for the Dow Jones Industrial Average were headed modestly higher Thursday morning, putting the blue-chip index on track to log its longest win streak in more than a year, after the European Central Bank announced a fresh stimulus measures, including a rate cut that moved a deposit rate further into negative territory and the relaunch of a program of government bond buying that it hopes will reinvigorate a flagging European economy.
Wednesday’s action left the Dow and S&P just 0.8% from their record closes, while the Nasdaq remains 1.9% from its all-time closing high. “The S&P 500 has now fully retraced the August pullback, and in doing so has priced in a lasting U.S.-China trade truce and aggressive [global] central bank easing ... and no more geopolitical surprises,” wrote Tom Essaye, president of the Sevens Report in a Thursday note to clients.
In an effort to mitigate the effects of negative rates on bank profitability, the central bank introduced a system of tiered rates that will exempt some bank reserves held at the ECB.
When your economy is “winning” so hard, it takes QE to keep the markets propped.
And when there’s no more fake interventional stimulus?
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