less bring in trend macro chief don luskin, good to see you. >> thanks, kayla. >> the ecb's announcement been called a battleship, bazooka, going to last longer than expected, larger than originally tell graphed, but how effective does the buy side think the program as laid out today will be? >> you know, this is one of the funniest things i've ever seen in terms of market sentiment. we've been going through months and months where everybody has been berating the ecb, how come you're the only major central bank in the world that has doesn't qe. you have to do qe. still in recession, do qe. now in the last couple weeks when it's been obvious they're going to do qe the message from the investment community it won't matter, won't make any difference. what's the point, why would you buy sovereign bonds. buy sofrmg bond yields in europe have low yields. the market can't decide whether to love or hate this. one thing i can tell you for sure is every single time the fed has announced a large asset purchase program it has ended up instilling confidence in the marketplace, and making yields go hi