The ECB and BOJ bond bubble:
At the peak of QE the #Fed was NEVER 100% of net bond issuances.#ECB is 7x net issuances, BOJ 3x.Careful.
Central banks are disguising risk and there is no evidence of any real demand for #Eurozone sovereign bonds at these yields pic.twitter.com/Ft545Suvc7
— Daniel Lacalle (@dlacalle_IA) October 9, 2018