Talks about QE3 quickly stalled. Yesterday's talk about QE3 seemed to us premature, not least because yesterday Bernanke looked far from being able to offer it. Markets are too eager to embrace this idea and in the course of the European session, it quickly reviewed, which resulted in the growth of the dollar index at 0.25% at auction in Europe.The ECB has stepped up purchases of bonds. The ECB last week bought the bonds of nearly 2 billion is not a surprise, since numerous reports on the market had expected about the same amount. Data on Monday were just in the context of reflecting that the total value of purchases was the highest since mid-July, when the program itself was six weeks old. More interestingly, most of these purchases occurred on Thursday near the ECB press conference, though Trichet announced a conservation policy for purchases of bonds.
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