One Year Anniversary Of ECB QE Comes, CDX IG and HY Indexes Lose Net Longs

How is ECB QE working? There is an auspicious birthday that is generally going unnoticed in the financial universe. The European Central Bank’s quantitative easing is going on year one, a Bank of America Merrill Lynch report notes, but it has resulted in an oddity. “Despite QE purchases beginning 12 months ago, few rates metrics actually moved the way one would have expected last March,” the report noted. This comes as key credit default indexes are seeing net-long positioning decline. ECB QE didn’t move markets as expected, BAML notes When ECB President Mario Draghi announced it planned to expand quantitative…