Trading this past week was all about other countries.  The Danish central bank cut rates on Monday and then again on Thursday.  The Bank of Canada surprised with a 25bp rate cut on Wednesday.  The ECB “overdelivered” on their version of QE.  All of these actions caused some volatility in the US rates markets.  Here are my observations: Our top 5 trading partners have all eased rates or started a QE program in the past 8 months. (1) Canada just eased, (2) China eased last month, (3) Mexico eased last summer, (4) the EU just announced a QE program, and…

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