BAML On ECB Stimulus "Salvation for the many, limbo for the rest"

Will ECB stimulus create bifurcated volatility, where certain credit markets are lulled into sleep while the riskier end of the market does the opposite? Looking at the supply and demand market impact of European quantitative easing, a Bank of America Merrill Lynch report notes a bifurcated free market. The point at which the European Central Bank sprinkles quantitative stimulus on certain assets will cause them to fall into a deep and tranquil sleep. Assets untouched by quantitative stimulation, however, could become even more restless and unpredictable. European high yield market will benefit from ECB stimulus, have ability to do what could…