The market is a fickle mistress. The major central banks were judged to be behind the inflation curve. Much teeth-gashing, finger-pointing. Federal Reserve Chair Powell was blamed for denying that 75 bp hike was under consideration. Bank of Japan Governor Kuroda was blamed for keeping the 0.25% cap on the 10-year Japanese Government Bond yield. Even though European Central Bank President Lagarde had indicated previously that rates could be increased within weeks of the end of the bond purchases, many observers embraced it as a new sign that the ECB was belated to hike rates as early as July. For the better part of ... (full story)