The "LTRO rally" is young, says SocGen, overlaying charts of the S&P during QEI and QEII...
The "LTRO rally" is young, says SocGen, overlaying charts of the S&P during QEI and QEII with a chart of the Stoxx 50 since the ECB's LTRO last month. This assumes the ECB's 3-year lending program is the equal of the Fed's QE, but given the results so far, who's to argue?
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