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Yra Harris's avatar

The emphasis by KNOTT et al on raising rates is because Lagarde is so fearful of fragmentation of sovereign debt spreads if QT begins in earnest.The German debt is the HQLA putting a bid to Bunds as it is used for collateral purposes.Until the EU has genuine fiscal harmonization the fear rests on Lagarde to take the least disruptive route----raing rates but even Knott noted in the FT three weeks ago that over a 1/3 of the voters desired 75 basis point increase

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Ziggy's avatar

The hawk/dove analysis chart seems to be a Protestant/Catholic chart, except for Austria.

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