The consequences of #QE and the next #Eurozone #recession

#Eurozone recession can't be allowed to happen, BofAML says. Next recession would be messy. QE has motivated substantial growth in lower-rated high-grade bonds, but shrinkage in high-yield space. Today, we have €800bn of BBB-rated bonds, but HY market is just €285bn in size. pic.twitter.com/hXlIdc8Vy0

— Holger Zschaepitz (@Schuldensuehner) June 28, 2018