European Central Bank President Mario Draghi signaled that more stimulus is coming for the eurozone in a speech Tuesday morning.
What's next: The new measures are likely to include the central bank lowering interest rates below the current -0.4% interest rate that already means some depositors pay the ECB to loan it money.
- Yields on Europe's benchmark, German 10-year government bonds, fell to a new record low of -0.32% following the comments.
The intrigue: Yields on 10-year French government bonds fell below 0 for the first time ever, and yields turned negative for 10-year government bonds in eurozone members Austria and the Netherlands.
What else: Bonds are turning negative for European countries that aren't even overseen by the ECB.
- Sweden, an EU member with its own central bank, saw its rates turn negative for the first time ever. Denmark also now has negative interest rates, as does Switzerland, which is not even a member of the EU.
What to watch: "It is important to remember that Draghi is on the way out as his term as bank President ends this fall, so it is not clear that he will preside over additional cuts before he is done," DRW Trading market strategist Lou Brien wrote in a note to clients, "but he has indeed thrown down the gauntlet to his successor, who may or may not appreciate it."
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