Greg Gibbs with a great take on last weeks ECB event. You know my thoughts so i won't bore you again. Rates versus rhetoric is always on my radar. Take a look at the cheeky swaps around 2 year (used to be favourite IR derivative indicator) AND the 10 year cash spread seems to be recovering. ALSO (not shown) was EONIA at -6bps across the curve. The point im trying to make here is Spot actually moved because of Forward Guidance NOT rates.