Futures are surging because of the usual... central bank intervention. This time it's the ECB confiming it's utter desperation and going firmly down the path led by the BOJ,  a path we already know hasn't worked. So now we have markets going up when CB's tell us, "No really, the recovery is real, for sure.", and also when CB's tell us, "Yeah, all that recovery talk was bullshit." Sustainable? Meanwhile the war on cash keeps building, and heaven help us all if the maniacs succeed. The taxing of deposits and helicopter money drops to Joe Plumbers around the world will be the next step.

(1) The interest rate on the main refinancing operations of the Eurosystem will be decreased by 5 basis points to 0.00%, starting from the operation to be settled on 16 March 2016.

(2) The interest rate on the marginal lending facility will be decreased by 5 basis points to 0.25%, with effect from 16 March 2016.

(3) The interest rate on the deposit facility will be decreased by 10 basis points to -0.40%, with effect from 16 March 2016.

(4) The monthly purchases under the asset purchase programme will be expanded to €80 billion starting in April.

(5) Investment grade euro-denominated bonds issued by non-bank corporations established in the euro area will be included in the list of assets that are eligible for regular purchases.

(6) A new series of four targeted longer-term refinancing operations (TLTRO II), each with a maturity of four years, will be launched, starting in June 2016. Borrowing conditions in these operations can be as low as the interest rate on the deposit facility.