This week the ECB started a massive bond buying program – effectively “printing” Euros. Bond yields in Germany, Spain, France and other countries hit record lows. The yield on German 5 year note hit negative 0.125% (compares to the 5 year US Treasury at 1.60%). The Euro itself has suffered a record decline against the dollar and is now near parity (1 euro = 1 dollar). Meanwhile the Fed is in a quiet period leading up to next week’s meeting in which it is expected to remove the word “patient” from their outlook. This clears the way for an expected rate increase in June. Treasury yields are being pulled in both directions, with the 10 year Treasury closing at 2.10%, down from nearly 2.20% last week…stay tuned… David R. Pascale, Jr.