BofA: This Is The First Sign Of The ECB's Quantitative Failure

While it is largely accepted as a done deal that the ECB will, over the next year, fully phase out its QE, what there is far less agreement on, is what impact this tapering will have on risk assets,and linked to that, when it will happen.  However, whether it takes place in 8 months or 18, the market has already been able to observe first hand what will happen when one of the last 2 central banks to inject trillions into the market, calls it a day.