Continued

The turn around in Japanese BOJ head,  Kuroda's tone is insane, he went from full 110% QE before the policy announcement, announced the most stunning QE any central bank has seen, then saw the JGB market fall apart which was the sign of whether he succeeded or failed in his goal, initial market reaction in JGB's seem to suggest the market thinks he failed so every night he's been backpedaling further and further away, now suggesting he may even reduce QE before the stated policy goal of 2% inflation after 2 decades of deflation, he's worried and I bet P.M Abe is worried for his job as well. Japanese are notorious savers and the destruction of the Yen has massively devalued their savings.

Despite the F_O_M_C minutes, after the meeting and minutes were recorded we saw Dallas F_E_D president Richard Fisher come out and suggest QE may be tapered by the summer this year, today we have the Philadelphia Fed President, Charles Plosser calling for a reduction in the rate of QE, virtually the same thing the Dallas F_E_D president said earlier this week, except his timeline being September.

Plosser added that QE should be scaled back by September and totally halted by year end. The minutes said several F_E_D officials felt the same way, stopping QE by year's end.

From the minutes:
“A few members felt that the risks and costs of purchases, along with the improved outlook since last fall, would likely make a reduction in the pace of purchases appropriate around midyear, with purchases ending later this year,”.

Meanwhile in Cyprus, as with all bailouts, the size has increased over 1 month by 35% from $17 bn to $23 billion, I wonder how much of the Russian outflow of deposits has to do with this during the week of EU chaos?

US Initial Claims dropped to 344k from last months 385k (revised higher to 388k) on consensus of 360k, this doesn't sound good for the QE crowd according to the comments made by those who would seeQE end, citing employment gains.

The data had very little effect on futures, an initial bump and most declined further in to the open.