ECB Has Run Out of Bunds to Buy, Says State Street’s Metcalfe

The transcript discusses the European Central Bank's (ECB) challenges in implementing further stimulus due to limited bond availability and negative yields. It explores potential strategies, such as following the Bank of Japan's path by purchasing equities or ETFs. The conversation also touches on the euro's undervaluation and how it could be a policy lever for the ECB, despite President Trump's criticism of currency manipulation.

Discuss the potential impact of negative yields on the ECB's quantitative easing strategy.

What does the term 'capital key' refer to in the context of the ECB's operations?