More Central Bank Tightening

Don't fight the central banks when they are fighting inflation. Stock prices dropped today on news that the European Central Bank will end quantitative easing on July 1, then raise interest rates by 25bps on July 21. It will then hike again on September 8. At -0.5%, the ECB's deposit rate has been in negative territory since 2014.

Unlike the Fed, the ECB remains committed to reinvesting cash maturing from the 5 trillion euros worth of public and private debt on its balance sheet.