European Central Bank Announces QE, Sends U.S. Interest Rates Soaring

The European Central Bank (ECB) just announced their first round of quantitative easing. The ECB will buy $70 billion a month of private and public bonds to help stimulate economic growth in the European Union. Before the news broke, even the possibility of easing by the Europeans sent U.S. bond yields and equity markets soaring this morning. 10 year bond yields jumped 13 basis points to 1.93 percent this morning and Dow futures are up 123 points.